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MI SB0269
Bill
AI Summary
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Increases the maximum interest rate pawnbrokers may charge from 3% to 5% per month on loans.
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Updates disclosure requirements on pawn tickets to reflect the new 5% monthly interest rate cap in English 12-point type.
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Adds civil fines of up to $5,000.00 for violations of interest rate restrictions, enforceable by the county prosecutor or attorney general.
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Increases criminal penalties for other pawnbroker law violations to imprisonment of 10 days to 3 months and fines of $250.00 to $1,000.00 (replacing previous penalties of $25-$100 fines or 10 days to 3 months jail).
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Adds "civil sanctions" to the act's title to reflect new enforcement mechanisms.
Legislative Description
Occupations: pawnbrokers; allowable rate of interest charged by pawnbrokers; increase, and provide civil fines. Amends title & secs. 8, 9 & 18 of 1917 PA 273 (MCL 446.208 et seq.).
Occupations: pawnbrokers
Last Action
Referred To Committee On Regulatory Affairs
4/19/2023