SB 0701
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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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the Michigan Consumer Protection Act to limit the interest rates charged on medical debt. Specifically, it amends section 3 of the act to establish a maximum interest rate allowed for medical debt, aiming to protect consumers from excessive charges and promote financial stability. The bill also clarifies existing provisions related to deceptive trade practices and consumer protection.
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