(2) As used in this work: . . .
(f)’Regulatory loan roof’ means $8,000.00.” MCL 493.1; MSA 23.667(1).
“Sec. 12. (6) . . . A licensee shall maybe perhaps maybe not simply simply take an email or proof of indebtedness that doesn’t accurately reveal the real quantity of the loan, enough time which is why its made, additionally the agreed price of fee, . ” MCL 493.12(6);MSA 23.667(12)(6)
“Sec. 13. (1) A licensee may provide profit a sum not to ever surpass the regulatory loan roof and will contract for, compute, and get interest fees from the loan for a price to not surpass 22% per year in the unpaid stability . . . . . . .
(3) fees on loans made under this work shall never be compensated, deducted, or gotten in advance, or compounded. Continue reading “STATE OF MICHIGAN DEPARTMENT OF COMMERCE BANKING INSTITUTIONS BUREAU”