Sec. 1d.
Notwithstanding the provisions of section 78 of Act No. 327 of the Public Acts of 1931, as amended, being section 450.78 of the Compiled Laws of 1948, a charitable, religious or other nonprofit corporation may waive the defense of usury without regard to the amount borrowed.
History: Add. 1971, Act 94, Imd. Eff. Aug. 16, 1971 Popular Name: Usury Act
Structure Michigan Compiled Laws
Chapter 438 - Money and Interest
Act 326 of 1966 - Interest Rates (438.31 - 438.33)
Section 438.31 - Legal Interest Rate; Scope; Limitation; Construction; Foreign Obligations.
Section 438.31a - Payment of Reasonable and Necessary Charges in Addition to Interest; Exceptions.
Section 438.31b - Loan Settlement Statement.
Section 438.31d - Waiver of Defense of Usury by Nonprofit Corporation.
Section 438.32 - Violation of Act; Attorney Fees and Court Costs, Recovery.