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MI HB4115
Bill
Status
3/20/2025
Primary Sponsor
Joseph Aragona
Click for details
AI Summary
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Establishes a civil fine of up to $5,000 for pawnbrokers who charge interest rates exceeding the legally prescribed maximum under section 9 of the pawnbroker act
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County prosecutors or the attorney general may bring civil actions to collect fines for interest rate violations
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Updates general criminal penalties for other violations of the pawnbroker act to imprisonment of 10 days to 3 months, a fine of $250 to $1,000, or both (increased from previous $25-$100 fine range)
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Separates interest rate violations from other pawnbroker act violations, making excessive interest a civil matter rather than criminal
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Takes effect only if House Bill 4116 of the 103rd Legislature is also enacted into law
Legislative Description
Occupations: pawnbrokers; civil sanctions for violation of allowable rate of interest charged by pawnbrokers; prescribe. Amends title & sec. 18 of 1917 PA 273 (MCL 446.218). TIE BAR WITH: HB 4116'25
Occupations: pawnbrokers
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection
4/15/2025