Michigan Laws 438.41 – Criminal usury; definition; penalty
Current as of: 2024 | Check for updates
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Attorney's Note
Under the Michigan Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| E | up to 5 years |
Terms Used In Michigan Laws 438.41
- Forbearance: A means of handling a delinquent loan. A
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
A person is guilty of criminal usury when, not being authorized or permitted by law to do so, he knowingly charges, takes or receives any money or other property as interest on the loan or forbearance of any money or other property, at a rate exceeding 25% at simple interest per annum or the equivalent rate for a longer or shorter period. Any person guilty of criminal usury may be imprisoned for a term not to exceed 5 years or fined not more than $10,000.00, or both.