Michigan Usury Collection Check

Live. Collecting a Michigan private loan? Over 7% written (5% unwritten) bars all interest, fees and costs (MCL 438.31, 438.32); over 25% is criminal.

Collecting a Michigan private, seller-carried or unlicensed loan? Checks each loan and contact against the Michigan Usury Act: a written agreement may not exceed 7% a year, 5% otherwise (MCL 438.31); above it the lender and any assignee are barred from recovering any interest, delinquency or collection charges, attorney fees or court costs, and owe the borrower's fees and costs (438.32); over 25% without legal authority is criminal usury (438.41). Licensed or otherwise regulated lenders and credit-sale time-price differentials are flagged out of scope. Flags collecting barred charges (FDCPA 1692e(2)(A), 1692f(1)) and arrest threats. Not legal advice.

Price: $0.001 per call after 1,000 free per month.

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