Michigan Laws 487.14201 – Loans and credit extensions; interest and charges
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(1) A bank may collect interest and charges on loans and extensions of credit as permitted by the laws of this state or of the United States to any person.
(2) A bank may charge a discount on obligations purchased by the bank.
Terms Used In Michigan Laws 487.14201
- Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201
- Person: means an individual, partnership, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 487.11202
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o