Michigan Mobile Homeowners Ass'n v. Bank of the Commonwealth

On April 11, 1972, plaintiffs commenced a class action suit on behalf of themselves and other purchasers of mobile homes who financed the purchase of said mobile homes by means of a sales contract bearing interest provisions greater than 1% per annum simple interest, where said contract is presently being held by defendant financial institutions. Plaintiffs alleged that said mobile home sales contracts were subject to the 7% interest provisions of the general usury law, MCLA 438.31; MSA 19.15(1), and that defendant financial institutions were charging and collecting interest on these…