Usuary Law - Posted by cris

Posted by cris on April 29, 1999 at 04:44:46:

By LC I was referring to a land contract. Sorry if I confused anyone. Not my intention. Just looking for some help. :slight_smile:

Usuary Law - Posted by cris

Posted by cris on April 28, 1999 at 21:16:41:

Can anyone give me any information or do you know what the usuary law is in Michigan? I have two mobile homes I want to sell on an Land Contracts but my accountant says I may be illegal holding more than one LC according to usuary law. Also what interest rate can I charge for these LC’s. If anyone has any information for Michigan law I would be grateful.


Re: Usuary Law - Posted by Judy

Posted by Judy on May 01, 1999 at 16:41:46:


What’s with your lawyer? Doesn’t he know this stuff? If you’re paying him, he shouldn’t just tell you that it’s illegal he should be telling you what you can do. Remember, whatever advice you get here, you’ll still have to run by him to make sure it’s legal.

Sounds to me like he’s being lazy.