Michigan Compiled Laws
162-1982-2 - Chapter 2 (450.2201...450.2275)
Section 450.2275 - Agreement to Pay Rate of Interest in Excess of Legal Rate; Defense of Usury Prohibited.

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.
History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 450 - Corporations

Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)

162-1982-2 - Chapter 2 (450.2201...450.2275)

Section 450.2201 - Incorporators; Signing and Filing Articles of Incorporation.

Section 450.2202 - Articles of Incorporation; Contents.

Section 450.2204 - Articles of Incorporation; Provision Pertaining to Proposed Compromise or Arrangement or Reorganization Between Corporation and Creditors or Shareholders.

Section 450.2205 - Articles of Incorporation; Including Provision of MCL 450.2204; Effect on Creditors, Shareholders, or Members of Corporation; Administration and Enforcement of Provision by Circuit Court; Restraining Actions and Proceedings Against...

Section 450.2209 - Articles of Incorporation; Additional Provisions; Liability of Director or Volunteer Officer.

Section 450.2212 - Corporate Name.

Section 450.2213 - Assuming Name That Implies Corporation Is Banking Corporation, Insurance or Surety Company, or Trust Company Prohibited.

Section 450.2215 - Reservation of Right to Use Corporate Name; Application; Duration; Expiration; Transfer of Right to Exclusive Use of Reserved Corporate Name.

Section 450.2217 - Conduct of Affairs Under Assumed Name or Names Other Than Corporate Name; Certificate of Assumed Name; Duration; Extensions; Notification of Impending Expiration; Enterprises Participating Together in Partnership or Joint Venture;...

Section 450.2221 - Corporate Existence to Begin on Effective Date of Articles of Incorporation; Filing as Conclusive Evidence That Conditions Precedent Fulfilled and Corporation Formed; Exception.

Section 450.2223 - Selection of Board and Adoption of Bylaws; First Meeting; Notice; Quorum; Transaction of Business.

Section 450.2231 - Bylaws; Adoption; Amendment or Repeal; Contents.

Section 450.2241 - Registered Office; Resident Agent.

Section 450.2242 - Change of Registered Office or Resident Agent; Statement.

Section 450.2243 - Resident Agent; Resignation; Notice; Appointment of Successor; Termination of Appointment of Resigning Resident Agent; Registered Office of Corporation.

Section 450.2246 - Resident Agent; Service of Process, Notice, or Demand; Resident Agent as Agent of Director or Officer in Certain Action; Forwarding Process to Director or Officer; Electronic Transmission of Notice.

Section 450.2251 - Corporate Purposes; Conduct of Lawful Activities During War or National Emergency.

Section 450.2261 - Corporate Powers; Inconsistency Between Certain Acts; Corporate Existence in Perpetuity; Fixed Limitation or Term; Waiver of Right to Perpetual Existence; Nonprofit Power Corporation; Public School Academy; Providing Services in Le...

Section 450.2262 - Existing Incorporated Association or Society Operating as Corporation Subject to Act; Payment of Death or Sick Benefits; Reserves; Rules; Investment of Funds Securing Reserves; Statement Required of Evidence of Obligation to Pay De...

Section 450.2271 - Act of Corporation and Transfer of Property to or by Corporation Not Invalid Where Corporation Without Capacity or Power; Assertion of Lack of Capacity or Power.

Section 450.2275 - Agreement to Pay Rate of Interest in Excess of Legal Rate; Defense of Usury Prohibited.