Corrigan v. Insilco Corp.

Plaintiffs appeal by leave granted the order of the Menominee Circuit Court denying plaintiffs’ motion for summary disposition on their usury claim.

On July 7, 1978, plaintiffs executed a retail installment sales contract with Miles Homes for building materials and plans to construct a re,sidential home. The cash price listed on the install ment contract was $21,041 and the finance charge was $6,265.05. With taxes and other costs, total payment came to $28,247.69. The sales contract indicated that interest would be charged at an annual percentage rate of 9Vi percent and that the debt was to be…