Michigan § 438.153 - Interest valid in this state; lawful to take, reserve, or discount.
Full text of Michigan Michigan Compiled Laws § 438.153 — Interest valid in this state; lawful to take, reserve, or discount., with citation guidance and answers to common questions.
§ 438.153. Interest valid in this state; lawful to take, reserve, or discount.
It shall be lawful for all parties loaning money in this State, to take, reserve or discount interest upon any note, bond, bill, draft, acceptance, or other commercial paper, mortgage, or other security, at any rate authorized by the laws of this State, whether such paper or securities, for principal or interest, be payable in this State, or in any other State, kingdom or country, without regard to the laws of any other State, kingdom or country; and all such notes, bonds, bills, drafts, or acceptances, or other commercial paper, mortgages or other security, shall be held valid in this State, whether the parties to the same reside in this State or elsewhere.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 438.153
What does Michigan Compiled Laws § 438.153 cover?
Section 438.153 ("Interest valid in this state; lawful to take, reserve, or discount.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 438.153?
A common citation format is "Michigan Compiled Laws § 438.153" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 438.153 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.