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The Regulatory Loan Act does apply to loans of $8000.00 or less, as well as which interest is charged at a larger price than permitted for legal reasons. MCL 493.1(1 )and (2)(f); MSA 23.667(1) and (2)(f). Money Connection has associated that the transaction that is typical include quantities of $100.00 or less, and will never go beyond $500.00. Obviously, these loan quantities are in the loan roof as set because of the Legislature.
The phrase “interest” is certainly not defined in every for the usury legislation and therefore exactly the same typical usage analysis as used above becomes necessary. Interest is defined in Webster’s Seventh brand New Collegiate Dictionary as:
“a fee for lent cash generally speaking a portion of this quantity lent.”
Ebony’s Law Dictionary (Sixth version) describes interest as:
“The compensation allowed for legal reasons or fixed by the parties for the employment or forbearance of lent cash citation omitted. Fundamental price of borrowing cash . Price of utilizing credit or funds of some other.”
Pertaining to attract the Michigan Supreme Court has stated:
“Interest is settlement allowed for legal reasons or fixed by the parties that are respective the employment or forbearance of cash, ‘a cost for the mortgage or forbearance of cash,’ or even an amount covered making use of cash, or even for the wait in re payment of income.” Town & Nation Dodge v Mich. Dept. of Treasury, 420 Mich. 226, 242; 362 N.W.2d 618 (1985)(quoting from Balch v.