MICHIGAN

Interest Rate
Legal: 5%
Judgment: 5.83% changes semi-annually
Usury limit: 25%

Statute of Limitation (in Years)
Open Account: 6
Written Contract: 6
Sales (UCC) Contract: 4
Domestic Judgment: 10 renewable
Foreign Judgment: 10

Bad Check Laws (Civil Penalty)
Amount of check, double damages in an amount not less than $50 but not more than $500.

STATE LINKS

State Home Page
Secretary of State
Attorney General
Law Library
Judicial System
Federal Courts
State Courts
State Statutes  none - please advise
State Cases
State Legislature

The summary of collection laws and other information contained herein is provided for informational purposes only and is not intended as legal advice. Please be aware that state collection laws are frequently revised. Users of this site are advised to consult with independent legal counsel to verify any information contained herein. Links to information on sites other than those operated by MetroGroup are for your convenience only and do not constitute an endorsement or recommendation of those sites. MetroGroup does not take any responsibility for information at those sites, nor does MetroGroup make any representation or warranty whatsoever with respect to those sites or their information.