Would someone please confirm for me that the usury limit in Michigan is 25%. I appreciate all help. Thanks.

It depends on the type of loan...

Criminal usury is defined by PA 259 of 1968 with a cap of 25%. PA 52 of 1970 exempts loans to business entities - essentially whatever the bank & business agree to in writing is what stands.

The revised banking code (PA 276 of 1999) effectively eliminated a lot of the specific usury limits by loan type - used to be 16.5% max on auto paper, for example.

Generally you're safe with a 25% limit on consumer or mortgage credit, but if you have questions it's best to consult counsel.

Thanks. I appreciate your help.