{"data":{"id":"us-mi/mich.-comp.-laws-450.1275","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.1275","heading":"Agreement to pay interest in excess of legal rate; defense of usury prohibited.","body":"Sec. 275.\n\nA domestic or foreign corporation, whether or not formed at the request of a lender or in furtherance of a business enterprise, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate and the defense of usury shall be prohibited.","path":["MI Code","Chapter 450","Act Act-284-of-1972"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-1275","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"c9421e5885f6b49dc297a940ab590d636f6d98eda65322057f3e2ffa24cb8e5a","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.1271","next":"us-mi/mich.-comp.-laws-450.1281"},"notice":"GroundRules: Original legal text. Not legal advice."}