The Michigan Fee Schedule — Regulatory Loan is a set of fees set by the State of Michigan to regulate the cost of loans. This fee schedule applies to all loan types, including but not limited to: consumer loans, mortgage loans, commercial loans, small business loans, and money market loans. The fees range from 0.05% to 1.00% of the loan’s principal amount. The fee is based on the loan’s principal amount, the loan’s term, and the loan’s purpose. The fees collected are used to cover the costs associated with the state’s loan regulatory program. Additionally, the fees are used to fund the Michigan Loan Guaranty Fund, which provides financial assistance to borrowers who experience financial difficulties due to loan defaults.
Michigan Fee Schedule - Regulatory Loan
State:
Michigan
Control #:
MI-SOS-DM-08
Format:
PDF
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Fee Schedule - Regulatory Loan
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