STATE OF MICHIGAN DEPARTMENT OF COMMERCE FINANCE INSTITUTIONS BUREAU
(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 maybe not simply take an email or proof of indebtedness that doesn’t accurately reveal the amount that is actual of loan, enough time for which it’s made, and also the agreed price of cost, . ” MCL 493.12(6);MSA 23.667(12)(6)
“Sec. 13. (1) A licensee may provide profit a sum never to meet or exceed the loan that is regulatory and might contract for, compute, and get interest fees regarding the loan at a consistent level never to go beyond 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. (more…)