Michigan Compiled Laws

Mich. Comp. Laws § 438.31d (2026)

Waiver of defense of usury by nonprofit corporation.

✓ current as of July 2026

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INTEREST RATES

Act 326 of 1966

438.31d Waiver of defense of usury by nonprofit corporation.

Sec. 1d.

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.

History: Add. 1971, Act 94, Imd. Eff. Aug. 16, 1971

PopularName Notes:

Usury Act

Notes of Decisions

Cited in 1 case, 2015–2015 · leading case: Sandra Pletos v. Lake in the Woods Homeowners Ass'n (Mich. Ct. App. 2015).

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Sandra Pletos v. Lake in the Woods Homeowners Ass'n (Mich. Ct. App. 2015). · cites it 2× “Further, MCL 438.31d provides in relevant part, “a charitable, religious or other nonprofit corporation may waive the defense of usury without regard to the amount borrowed.”

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