MI HB5161

Caps interest rates on loans made by licensed lenders at 36% per annum, replacing the previous rate structure that referenced the Credit Reform Act

Maintains existing loan types including closed-end loans and open-end credit (direct advances or checks from licensee, but not credit cards)

Preserves the loan processing fee structure of up to 5% of principal, capped at $250, with biennial adjustments based on the Consumer Price Index

Continues prohibition against licensees inducing borrowers to take multiple unsecured loan contracts simultaneously

Makes technical language updates throughout (changing "shall" to "must" and capitalizing references to federal agencies and indices)