(1) No person may maintain an action for legal or equitable relief or a defense based upon a failure to perform an alleged promise, undertaking, accepted offer, commitment, or agreement:

1. (a) to lend or borrow money;
2. (b) to defer or forbear in the repayment of money; or
3. (c) to renew, modify, amend, or cancel a loan of money or any provision with respect to a loan of money, involving in any such case a principal amount in excess of fifty thousand dollars, unless the party seeking to maintain the action or defense has received a writing from the party to be charged containing the material terms and conditions of the promise, undertaking, accepted offer, commitment, or agreement and the party to be charged, or its duly authorized agent, has signed the writing.

(2) Failure to comply with subsection (1) precludes an action or defense based on any of the following legal or equitable theories:

1. (a) an implied agreement based on course of dealing or performance or on a fiduciary relationship;
2. (b) promissory or equitable estoppel;
3. (c) part performance, except to the extent that the part performance may be explained only by reference to the alleged promise, undertaking, accepted offer, commitment, or agreement; or
4. (d) negligent misrepresentation.

(3) Subsections (1) and (2) do not apply to:

1. (a) a loan of money used primarily for personal, family, or household purposes;
2. (b) an agreement or change in the terms of an agreement relating to a line of consumer credit, lender credit card, or similar arrangement;
3. (c) an overdraft on a demand deposit or other bank account; or
4. (d) promissory notes, real estate mortgages, security agreements, guaranty and surety agreements, and letters of credit.