Usury Laws

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Posted by herbster on May 06, 2008 at 10:12:47:
According to www.usurylaw.com the interest rate is 7% in Michigan.
I've been told that it was only for personal loans between individuals(cash) not to land contracts etc.
Does anyone have an opinion on this.
I frequently see rates above this on LC's.
Thanks,
Herbster

Follow Ups:

Re: Usury Laws John Behle 15:39:41 05/07/08 (0)

Re: Usury Laws Matthew Kominiak 11:15:04 05/06/08 (1)

Re: Usury Laws herbster 17:42:18 05/08/08 (0)

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