Michigan Statutes

§ 438.41 — Criminal usury; definition; penalty.

Michigan § 438.41

JurisdictionMichigan

Ch. 438MONEY AND INTEREST

Act 259 of 1968CRIMINAL USURY (438.41-438.42)

This text of Michigan § 438.41 (Criminal usury; definition; penalty.) 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 § 438.41 (2026).

Text

CRIMINAL USURY (EXCERPT) Act 259 of 1968 438.41 Criminal usury; definition; penalty. Sec.

1.A person is guilty of criminal usury when, not being authorized or permitted by law to do so, he knowingly charges, takes or receives any money or other property as interest on the loan or forbearance of any money or other property, at a rate exceeding 25% at simple interest per annum or the equivalent rate for a longer or shorter period. Any person guilty of criminal usury may be imprisoned for a term not to exceed 5 years or fined not more than $10,000.00, or both.

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CRIMINAL USURY (EXCERPT) Act 259 of 1968 438.41 Criminal usury; definition; penalty. Sec. 1. A person is guilty of criminal usury when, not being authorized or permitted by law to do so, he knowingly charges, takes or receives any money or other property as interest on the loan or forbearance of any money or other property, at a rate exceeding 25% at simple interest per annum or the equivalent rate for a longer or shorter period. Any person guilty of criminal usury may be imprisoned for a term not to exceed 5 years or fined not more than $10,000.00, or both.

Legislative History

1968, Act 259, Eff. Nov. 15, 1968

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 § 438.41, Counsel Stack Legal Research, https://law.counselstack.com/statute/mi/438.41.