Michigan Laws 438.31d – Waiver of defense of usury by nonprofit corporation
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Terms Used In Michigan Laws 438.31d
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
Notwithstanding the provisions of section 78 of Act No. 327 of the Public Acts of 1931, as amended, being section 450.78 of the Compiled Laws of 1948, a charitable, religious or other nonprofit corporation may waive the defense of usury without regard to the amount borrowed.