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Michigan Compiled Laws, Chapter 450. Corporations § 450.2275

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 275. A domestic corporation or foreign corporation, whether or not formed at the request of a lender or in furtherance of a business enterprise, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate and is prohibited from asserting the defense of usury in an action on the debt.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 450. Corporations § 450.2275 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-450-corporations/mi-comp-laws-450-2275/

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