{"data":{"id":"us-mi/mich.-comp.-laws-493.18","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 493.18","heading":"Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country.","body":"Sec. 18.\n\nA person, except as authorized by this act, shall not directly or indirectly charge, contract for, or receive an interest, discount, or consideration greater than the lender would be permitted by law to charge if the lender were not licensed under this act upon the loan, use, or forbearance of money, goods, or things in action.\n\nThe prohibition specified in subsection (1) applies to a person who or which, by any device, subterfuge, or pretense charges, contracts for, or receives greater interest, consideration, or charges than authorized by this act for the loan, use, or forbearance of money, goods, or things in action or for the loan, use, or sale of credit.\n\nThis act does not apply to loans legally made in another state or country by a licensee under a regulatory loan law similar in principle to this act, except that loans made by mail to Michigan residents are subject to this act.","path":["MI Code","Chapter 493","Act Act-21-of-1939"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-493-18","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"4a304376731ed2177248393dc1febb1452efedc7ff7909607a3dd9413c6fec21","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-493.17","next":"us-mi/mich.-comp.-laws-493.19"},"notice":"GroundRules: Original legal text. Not legal advice."}