Corporations and Usurious Interest Rates (Michigan)

By Matthew A. Quick A non-profit or business corporation may, in writing, agree to pay a rate of interest in excess of the legal rate, which is currently Twenty-Five (25%) Percent. MCL 438.41. In the event a corporation chooses to agree to pay a rate of interest in excess of the legal rate, the defense of usury cannot be used. MCL 450.1275 and MCL 450.2275.