Michigan Credit Laws
| INTEREST RATE | (Legal: 5%) |
Judgment 6.953 changes semi-annually - Usuary limit 25% |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 6 - Written Contract 6 - Sales (UCC) Contract 4 - Domestic Judgment 10 renewable - Foreign Judgment 10 |
| BAD CHECK LAWS | (Civil Penalty) |
Twice the amount of check - not to exceed $500. Retail Claims - Notice Requirements. |
| GENERAL GARNISHMENT EXEMPTIONS | See federal law | |
| HOMESTEAD EXEMPTION |
The Homestead exemption amount in Michigan is $3500. The property may not exceed one lot in a town or city and 40 acres elsewhere.
|
|
| ADDING FEES TO DEBT |
A licensee shall not commit any of the following acts: demanding or obtaining a share of the compensation for service performed by an attorney in collecting a claim or demand or collecting or receiving a fee or other compensation from a consumer for collecting a claim, other than a claim owing the creditor pursuant to the provisions of the original agreement between the creditor and debtor. |