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MI HB4628
Bill
Status
4/13/2021
Primary Sponsor
Pamela Hornberger
Click for details
AI Summary
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Increases the maximum monthly interest rate pawnbrokers may charge from 3% to 4% per month on loans.
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Updates pawnbroker memorandum or note language to reflect the new 4% monthly interest rate cap instead of 3%.
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Changes pronouns and language from "him or her" to "the pawnbroker" throughout the statute for clarity and modernization.
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Maintains existing provisions allowing $3.00 per month storage charges for personal property and a minimum 50-cent interest requirement per loan.
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Takes effect 90 days after enactment into law.
Legislative Description
Occupations: pawnbrokers; allowable rate of interest charged by pawnbrokers; increase. Amends secs. 8 & 9 of 1917 PA 273 (MCL 446.208 & 446.209).
Occupations: pawnbrokers
Last Action
Referred To Committee On Rules And Competitiveness
2/22/2022