MI SB1138

Revises pawnbroker memorandum requirements to clarify that pawnbrokers must deliver a signed note containing the required entry information and cannot charge fees for creating the memorandum.

Requires pawnbrokers to print a 12-point English warning on the back of memoranda stating that loans are void if interest or fees exceed 3% per month plus storage and usage fees, and borrowers cannot be forced to repay void loans.

Allows pawnbrokers to charge interest up to 3% per month on loans, with a minimum of 50 cents per loan, plus $1.00 per month or fraction thereof for storage of personal property.

Permits pawnbrokers to charge a 20% per month usage fee for personal property that is pawned and used by the pawner during the pawn term, separate from and in addition to interest charges.

Prohibits pawnbrokers from charging interest in advance, requires interest to be computed on unpaid monthly balances without compounding, and prohibits examination fees or charges exceeding the amounts established in the act.