Can someone tell me Michigan's usary limit for consumer loans and consumer mortgage loans (if different)? Thanks.

Usury is confusing stuff. But as I understand it, the Credit Reform Act (1995) simplified the issue a bit. The general rule of thumb is 25% simple interest as a maximum on direct loans to any borrower using any collateral.

For the most part, the market won't allow a greater rate than that (at least, not without running into fair lending, Section 32, etc. issues). You can rely on other authorities for selecting your interest rate, but this will depend on circumstances - get with a lawyer if you're looking for a way to charge a higher rate.

I agree that usury laws can be confusing for a number of reasons. Following is a link to the Credit Reform Act - http://www.michiganlegislature.org/mileg.asp?page=GetObject&objName=mcl-Act-162-of-1995

See the Michigan Usury Ceiling Table from OFIS. Please note that it only covers lenders regulated by OFIS (e.g. retail instalment sales and payday advances are not in the table).