Michigan Statutes

§ 438.31d — Waiver of defense of usury by nonprofit corporation.

Michigan § 438.31d

JurisdictionMichigan

Ch. 438MONEY AND INTEREST

Act 326 of 1966INTEREST RATES (438.31-438.33)

This text of Michigan § 438.31d (Waiver of defense of usury by nonprofit corporation.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 438.31d (2026).

Text

INTEREST RATES (EXCERPT) Act 326 of 1966 438.31d Waiver of defense of usury by nonprofit corporation. 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.

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Legislative History

Add. 1971, Act 94, Imd. Eff. Aug. 16, 1971 Popular Name: Usury Act

Nearby Sections

15

§ 438.101

Interest on due and unpaid interest; rate.

§ 438.151

Interest rate; obligations payable out of state.

§ 438.152

Interest valid in this state; defense of usury not available.

§ 438.153

Interest valid in this state; lawful to take, reserve, or discount.

§ 438.154

Contract made in state or with citizen of state; principal and interest payable out of state; governing law.

§ 438.31

Legal interest rate; scope; limitation; construction; foreign obligations.

§ 438.31a

Payment of reasonable and necessary charges in addition to interest; exceptions.

§ 438.31b

Loan settlement statement.

§ 438.31c

Interest charged by securities broker or dealer for carrying debit balance in customer account; written agreement for payment of interest on evidence of indebtedness; prohibitions when security is single-family dwelling unit; validity of transaction or rate of interest; limitation on rate of interest; loans to which subsection (2) applicable; mortgage loans or land contracts by lenders or vendors not qualified under subsection (5); rate of interest on purchase money mortgage or second mortgage; interest on extension of credit secured by lien on mobile home; interest not to be added or deducted in advance; computation of interest; injunction; agreement by certain parties for payment of interest; interest charged by certain trusts excepted; interest bearing deposit account; limitation; maintaining interest bearing account as condition of making mortgage loan or land contract providing for biweekly payments.

§ 438.31d

Waiver of defense of usury by nonprofit corporation.

§ 438.32

Violation of act; attorney fees and court costs, recovery.

§ 438.33

§ 438.41

Criminal usury; definition; penalty.

§ 438.42

Usurious loan records; possession, penalty.

§ 438.61

“Business entity” and “related entity” defined; extension of credit to business entity; agreement in writing to rate of interest.

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Bluebook (online)

Michigan § 438.31d, Counsel Stack Legal Research, https://law.counselstack.com/statute/mi/438.31d.