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MI HB5536

Bill

Official Source

Status

Engrossed

6/27/2024

Primary Sponsor

Tullio Liberati

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Increases the maximum interest rate pawnbrokers can charge from 3% per month to 5% per month on loans
  • Updates the disclosure statement required on pawn tickets to reflect the new 5% maximum monthly interest rate and clarifies that excess charges make the loan void
  • Maintains the $3.00 per month storage fee for personal property and the 50-cent minimum interest requirement per loan
  • Requires interest to be computed on unpaid monthly balances without compounding and prohibits advance interest payment
  • Takes effect only if Senate Bill No. ____ or House Bill No. 5535 is enacted into law

Legislative Description

Occupations: pawnbrokers; allowable rate of interest charged by pawnbrokers; increase, and prescribe civil sanctions. Amends secs. 8 & 9 of 1917 PA 273 (MCL 446.208 & 446.209). TIE BAR WITH: HB 5535'24

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