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MI HB5535

Bill

Official Source

Status

Engrossed

6/27/2024

Primary Sponsor

Joseph Aragona

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Amends the pawnbroker licensing law to add "to prescribe civil penalties" to the act's title
  • Updates criminal penalties for violations of the pawnbroker act, raising fines from $25-$100 to $250-$1,000 and keeping imprisonment at 10 days to 3 months
  • Establishes a new civil penalty of up to $5,000 for violating section 9 by charging interest rates exceeding the prescribed rate on loans
  • Authorizes the county prosecutor or attorney general to bring actions to collect civil penalties for interest rate violations
  • Bill is contingent on enactment of either Senate Bill No. ____ or House Bill No. 5536 (tie-bar provision)

Legislative Description

Occupations: pawnbrokers; allowable rate of interest charged by pawnbrokers; increase, and prescribe civil sanctions. Amends title & sec. 18 of 1917 PA 273 (MCL 446.218). TIE BAR WITH: HB 5536'24

Occupations: pawnbrokers

Last Action

Referred To Committee On Regulatory Affairs

7/30/2024

Committee Referrals

Regulatory Affairs7/30/2024
Regulatory Reform3/5/2024

Full Bill Text

No bill text available