Michigan Laws > Chapter 438 > Act 52 of 1970 – Exemption of Loans to Business Entities From Usury Statute
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| § 438.61 | “Business entity” and “related entity” defined; extension of credit to business entity; agreement in writing to rate of interest |
Terms Used In Michigan Laws > Chapter 438 > Act 52 of 1970 - Exemption of Loans to Business Entities From Usury Statute
- Business entity: means a corporation, trust, estate, partnership, cooperative, or association or a natural person who furnishes to the extender of the credit a sworn statement in writing specifying the type of business and business purpose for which the proceeds of the loan or other extension of credit will be used. See Michigan Laws 438.61
- judgment: as used in this act , includes decree. See Michigan Laws 600.112
- Related entity: means a business entity other than a natural person whose members, owners, partners, or limited partners include a state or national chartered bank, a state or federal chartered savings bank, a state or federal chartered savings and loan association, a state or federal chartered credit union, an insurance carrier, or finance subsidiary of a manufacturing corporation. See Michigan Laws 438.61