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Michigan Promissory Note
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Michigan at a glance: Usury Limit: 7% per year · Governing Law: Mich. Comp. Laws § 438.31
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Overview
Promissory Notes in Michigan
Michigan sets the default legal rate of interest at 5% and the maximum contract rate at 7% per year, with numerous exemptions for mortgages and financial institutions.
Key Facts
Michigan Promissory Note — Quick Reference
| Requirement | Michigan Rule |
|---|---|
| Usury Limit | 7% per year |
| Governing Law | Mich. Comp. Laws § 438.31 |
Legal Requirements
Michigan Legal Requirements
- Interest rates must remain at or below 7% per year for standard consumer loans.
Governing Laws
Michigan Governing Laws
Mich. Comp. Laws § 438.31
Legal Rate of Interest
Limits interest rates on written contracts to 7% per year.
Read the full text of these laws at Cornell Law School's Michigan legal resources or your state legislature's official website.
Questions & Answers
Michigan Promissory Note — Frequently Asked Questions
What is the usury limit in Michigan?
The maximum rate for personal written loans is 7% per year.