MI HB4623

Increases the maximum allowable interest rate pawnbrokers may charge from 3% per month to 4% per month on loans.

Adds civil sanctions provision allowing pawnbrokers who violate the interest rate limits to be ordered to pay a civil fine of up to $5,000.00, enforceable by county prosecutors or the attorney general.

Updates the mandatory disclosure language on pawn tickets to reference the new 4% monthly interest rate cap instead of 3%.

Maintains existing criminal misdemeanor penalties (10 days to 3 months imprisonment and/or $25.00 to $100.00 fine) for general violations of the pawnbroker licensing act.

Makes minor grammatical and stylistic updates to pawnbroker regulations including standardized language and corrected pronouns.