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SOARING PINE CAPITAL v. PARK STREET GROUP

Docket No. 163320.

999 N.W.2d 8 (2023)

511 Mich. 89

SOARING PINE CAPITAL REAL ESTATE AND DEBT FUND II, LLC, Plaintiff/Counterdefendant-Appellee/Cross-Appellant, v. PARK STREET GROUP REALTY SERVICES, LLC, Park Street Group, LLC, and Dean J. Groulx, Defendants/Counterplaintiffs-Appellants/Cross-Appellees.

Supreme Court of Michigan.

Decided June 23, 2023.

Attorney(s) appearing for the Case

Conlin, McKenney & Philbrick, PC (by W. Daniel Troyka ) and Mark Granzotto PC, Royal Oak (by Mark R. Granzotto ) for Soaring Pine Capital Real Estate and Debt Fund II, LLC.

Plunkett Cooney, Bloomfield Hills (by Mary Massaron ) for Park Street Group Realty Services, LLC; Park Street Group, LLC; and Dean J. Groulx .

Bodman PLC, Detroit (by Thomas J. Rheaume, Jr. and Fawzeih H. Daher for the Business Law Section of the State Bar of Michigan, amicus curiae.

BEFORE THE ENTIRE BENCH.

OPINION

This case involves Michigan's longstanding prohibition on excessive interest rates for certain loans (known in legal circles as "usury laws"). We take this opportunity to resolve two issues of first impression under Michigan usury law.

The first issue is whether a court may enforce a "usury savings clause,...

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