Michigan § 445.1854 Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation.

Michigan Statutes

§ 445.1854 — Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation.

Michigan § 445.1854

Ch. 445TRADE AND COMMERCE

Act 162 of 1995CREDIT REFORM ACT (445.1851-445.1864)

This text of Michigan § 445.1854 (Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation.) 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 § 445.1854 (2026).

Text

CREDIT REFORM ACT (EXCERPT) Act 162 of 1995 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.

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CREDIT REFORM ACT (EXCERPT) Act 162 of 1995 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.

Legislative 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.