2009 Michigan Laws 500.4064 – Loan indebtedness; right to compound interest

Current as of: 2009 | Check for updates | Other versions

Sec. 4064.

In ascertaining the indebtedness due upon any loan upon any policy of insurance issued in this state, the interest, if not paid when due, shall be added to the principal of such loan, and shall bear interest at the rate specified in the note or loan agreement.