{"data":{"id":"us-mi/mich.-comp.-laws-445.1856","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 445.1856","heading":"Regulated lender; authority to charge fee for late payment or dishonored check; fee or charge not considered as interest; excessive fee or charge.","body":"Sec. 6.\n\nExcept for depository institutions and as otherwise provided by law, a regulated lender may do any of the following:\n\nRequire the borrower to pay a processing fee in connection with making, closing, disbursing, extending, readjusting, or renewing an extension of credit. The processing fee allowed under this subdivision shall not exceed 2% of the amount of the extension of credit.\n\nCharge the borrower a late fee for an installment payment that is received by the regulated lender after the expiration of an agreed-upon grace period following the date on which the payment was due.\n\nA late fee allowed by this subdivision shall not exceed $15.00 or 5% of the installment payment, whichever is greater.\n\nA regulated lender may charge a fee not to exceed $25.00 for a check or other payment instrument that is dishonored because of insufficient funds in the account on which the check or instrument is drawn.\n\nA fee or charge allowed by this section is not considered interest.\n\nA regulated lender shall not require a borrower or buyer to pay an excessive fee or charge.","path":["MI Code","Chapter 445","Act Act-162-of-1995"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-445-1856","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"765e58dfd40052e657ed3d162cd29a4e63ccefbae8ba6e5e704b6858deb8d354","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-445.1855","next":"us-mi/mich.-comp.-laws-445.1857"},"notice":"GroundRules: Original legal text. Not legal advice."}