Usury laws in Michigan limit interest rates on:

All residential loans are not subject to usury limits in Michigan. While some consumer loans may have rate caps, Michigan law specifically exempts most residential mortgages from traditional usury restrictions.

Commercial loans are not the only type subject to usury laws, and this option incorrectly suggests commercial loans are exclusively regulated. In fact, Michigan's usury laws apply to various loan types beyond just commercial ones.

FHA loans are not the only type exempt from usury limits. While federally backed loans may have special considerations, Michigan's exemption extends to most conventional residential mortgages, not just government-insured loans.