Michigan § 445.1858 Certain provisions in written agreement as void and unenforceable.

Michigan Statutes

§ 445.1858 — Certain provisions in written agreement as void and unenforceable.

Michigan § 445.1858

Ch. 445TRADE AND COMMERCE

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

This text of Michigan § 445.1858 (Certain provisions in written agreement as void and unenforceable.) 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 § 445.1858 (2026).

Text

CREDIT REFORM ACT (EXCERPT) Act 162 of 1995 445.1858 Certain provisions in written agreement as void and unenforceable. Sec. 8. Any of the following provisions contained in a written document made in connection with an extension of credit to an individual for personal, family, or household purposes are void and unenforceable:

(a)A power of attorney to confess a judgment.

(b)Unless otherwise expressly provided for by law, a waiver of a borrower's or buyer's rights under this act.

(c)Except as authorized by this act, an agreement by a borrower or buyer to pay a penalty. Late payment and prepayment charges are not penalties.

Free access — add to your briefcase to read the full text and ask questions with AI

CREDIT REFORM ACT (EXCERPT) Act 162 of 1995 445.1858 Certain provisions in written agreement as void and unenforceable. Sec. 8. Any of the following provisions contained in a written document made in connection with an extension of credit to an individual for personal, family, or household purposes are void and unenforceable: (a) A power of attorney to confess a judgment. (b) Unless otherwise expressly provided for by law, a waiver of a borrower's or buyer's rights under this act. (c) Except as authorized by this act, an agreement by a borrower or buyer to pay a penalty. Late payment and prepayment charges are not penalties.

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.