{"data":{"id":"us-mi/mich.-comp.-laws-450.2275","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.2275","heading":"Agreement to pay rate of interest in excess of legal rate; defense of usury prohibited.","body":"Sec. 275.\n\nA domestic corporation 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 is prohibited from asserting the defense of usury in an action on the debt.","path":["MI Code","Chapter 450","Act Act-162-of-1982"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-2275","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"b73f91d320c8d19a58025e1950d90b6635014e4005968c9ef4c63b10595176df","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.2271","next":"us-mi/mich.-comp.-laws-450.2301"},"notice":"GroundRules: Original legal text. Not legal advice."}