Mich. Comp. Laws » Michigan Compiled Laws / Chapter 445 / Act 162 of 1995
Michigan Compiled Laws

Mich. Comp. Laws § 445.1854 (2026)

Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation.

✓ current as of July 2026
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CREDIT REFORM ACT


Act 162 of 1995


445.1854 Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation.

Sec. 4.

    (1) Except as provided in subsection (2), a regulated lender may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum.

    (2) A depository institution may charge, collect, and receive any rate of interest or finance charge for a credit card arrangement.

    (3) Except for a fee or charge provided for in section 6 or 7, in connection with an extension of credit made to an individual for personal, family, or household purposes, the interest or finance charge that is calculated on the principal balance shall be computed only on the basis of the unpaid balance.

History: 1995, Act 162, Eff. Mar. 28, 1996

Compiler's Notes:

    For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

Notes of Decisions
Cited in 3 cases (2 in the last 5 years), 1999–2023 · leading case: In Re Dow Corning Corp., 237 B.R. 380 (Bankr. E.D. Mich. 1999).
Sort: Relevance Newest Treatment
In Re Dow Corning Corp., 237 B.R. 380 (Bankr. E.D. Mich. 1999). · cites it 4× “5%); Mich.Comp.Laws § 445.1854(1) (pursuant to credit reform act, a "regulated lender may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum”); Mich.”
Soaring Pine Capital Real Est. v. Park Street Grp. Realty (Mich. 2023). · cites it 2× “6 See MCL 445.1854; MCL 445.1857. 7 MCL 438.31c(11).”
Wilmington Sav. Fund Soc'y Fsb v. Alex Schmidt (Mich. Ct. App. 2021). “” MCL 445.1854(1). A “regulated lender” includes a licensee under the SMLA.”
— Mich. Comp. Laws § 445.1854(1) — 2 cases
In Re Dow Corning Corp., 237 B.R. 380 (Bankr. E.D. Mich. 1999). “5%); Mich.Comp.Laws § 445.1854(1) (pursuant to credit reform act, a "regulated lender may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum”); Mich.”
Wilmington Sav. Fund Soc'y Fsb v. Alex Schmidt (Mich. Ct. App. 2021). “” MCL 445.1854(1). A “regulated lender” includes a licensee under the SMLA.”
— Mich. Comp. Laws § 445.1854(2) — 1 case
In Re Dow Corning Corp., 237 B.R. 380 (Bankr. E.D. Mich. 1999). “5%); Mich.Comp.Laws § 445.1854(1) (pursuant to credit reform act, a "regulated lender may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum”); Mich.”
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