Posted by John Behle on May 07, 2008 at 15:39:41:
In Reply to: Usury Laws posted by herbster on May 06, 2008 at 10:12:47:
I just detailed usury laws in a post below, so refer to that at: http://www.creonline.com/cashflow/wwwboard3/messages/24561.html
or just look at the post titled:
Personal note investing - Bob
Laws vary from state to state. In some or most states usury applies to individuals. In some it is opposite and individuals can charge what they want and institutions are subject to usury. But, it does vary according to each state.
For Michigan check out.
http://www.firstam.com/content.cfm?id=2976
If you need some legal clafification or specific questions that don't seem to be covered by First American, here is an attorney that specializes in Usury in Michigan.
http://www.honigman.com/attorneys/bio.asp?id=H545849026