Commitment Fees Might Constitute Interest Under Michigan Law
By EsqSocial Corporation 17/06/21
Lenders often include fees in loan transactions in addition to an interest rate. Typically such fees are not considered interest, as they compensate the lender for various services or commitments provided under the loan agreements. However, a court might disregard the commitment fee label when determining whether a loan has a usurious interest rate....
By: Miller Canfield