Michigan Compiled Laws
Act 162 of 1995 - Credit Reform Act (445.1851 - 445.1864)
Section 445.1854 - Charge, Collection, and Receipt of Interest Rate or Finance Charge; Maximum Rate; Computation.

Sec. 4.
(1) Except as provided in subsection (2), a regulated lender may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum.
(2) A depository institution may charge, collect, and receive any rate of interest or finance charge for a credit card arrangement.
(3) Except for a fee or charge provided for in section 6 or 7, in connection with an extension of credit made to an individual for personal, family, or household purposes, the interest or finance charge that is calculated on the principal balance shall be computed only on the basis of the unpaid balance.
History: 1995, Act 162, Eff. Mar. 28, 1996 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 445 - Trade and Commerce

Act 162 of 1995 - Credit Reform Act (445.1851 - 445.1864)

Section 445.1851 - Short Title.

Section 445.1852 - Definitions.

Section 445.1853 - Scope of Act.

Section 445.1854 - Charge, Collection, and Receipt of Interest Rate or Finance Charge; Maximum Rate; Computation.

Section 445.1855 - Credit Sale Under MCL 445.1101 to 445.1431 or MCL 492.101 to 492.141; Written Agreement; Precomputed Interest Provision.

Section 445.1856 - Regulated Lender; Authority to Charge Fee for Late Payment or Dishonored Check; Fee or Charge Not Considered as Interest; Excessive Fee or Charge.