The Regulatory Loan Act does apply to loans of $8000.00 or less, as well as for 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 levels of $100.00 or less, and wouldn’t normally go beyond $500.00. Plainly, these loan amounts are in the loan roof as set because of the Legislature.
The phrase «interest» is certainly not defined in almost any of this usury laws and regulations and so the exact same common use analysis as used above becomes necessary. Interest is defined in Webster’s Seventh brand brand New Collegiate Dictionary as:
«a charge for lent cash generally speaking a share of this quantity lent.»
Black’s Law Dictionary (Sixth version) describes interest as: