HB 4115
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
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill updates Michigan’s laws regarding pawnbrokers to increase penalties for violating interest rate limits. Specifically, it establishes a civil fine of up to $5,000 for charging interest rates exceeding those permitted by law. Additionally, it clarifies and increases misdemeanor penalties for violations of the pawnbroker act, including fines and potential jail time. The bill’s implementation is contingent upon the passage of House Bill 4116.
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Primary sponsor
Joseph Aragona
Cosponsors
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