Consumer credit: interest rates; maximum interest rate allowed for medical debt; modify. Amends sec. 3 of 1976 PA 331 (MCL 445.903). TIE BAR WITH: SB 0702'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan Consumer Protection Act to limit the maximum interest rate allowed on medical debt. It amends section 3 of the act to address unfair, unconscionable, or deceptive practices in trade or commerce, specifically focusing on issues related to credit and medical debt. The bill aims to protect consumers from excessive interest charges on medical bills, aligning with broader efforts to address healthcare affordability.
Key provisions
- Limits the maximum interest rate allowed on medical debt.
- Addresses deceptive practices related to credit transactions.
- Prohibits misrepresenting the terms of credit.
- Clarifies rules regarding environmental marketing claims for recycled products.
- Restricts the collection of Social Security numbers in certain consumer transactions.
- Addresses false affiliations between performing groups and recording groups.
- Prohibits certain violations of the medical debt protection act.
- Requires disclosure of prize details in sales presentations.
Who is affected
- Consumers
- Healthcare providers
- Medical billing companies
- Debt collectors
- Financial institutions
Notable changes
- Specifically targets interest rates on medical debt.
- Reinforces existing consumer protection provisions related to credit.
Bill text
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- Senate Introduced Bill
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