Michigan § 493.18 - Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country.
Full text of Michigan Michigan Compiled Laws § 493.18 — Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country., with citation guidance and answers to common questions.
§ 493.18. Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country.
A person, except as authorized by this act, shall not directly or indirectly charge, contract for, or receive an interest, discount, or consideration greater than the lender would be permitted by law to charge if the lender were not licensed under this act upon the loan, use, or forbearance of money, goods, or things in action.
The prohibition specified in subsection (1) applies to a person who or which, by any device, subterfuge, or pretense charges, contracts for, or receives greater interest, consideration, or charges than authorized by this act for the loan, use, or forbearance of money, goods, or things in action or for the loan, use, or sale of credit.
This act does not apply to loans legally made in another state or country by a licensee under a regulatory loan law similar in principle to this act, except that loans made by mail to Michigan residents are subject to this act.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 493.18
What does Michigan Compiled Laws § 493.18 cover?
Section 493.18 ("Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country.") 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 § 493.18?
A common citation format is "Michigan Compiled Laws § 493.18" (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 § 493.18 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.