HB 4116
Occupations: pawnbrokers; allowable rate of interest changed by pawnbrokers, increase. Amends secs. 8 & 9 of 1917 PA 273 (MCL 446.208 & 446.209). TIE BAR WITH: HB 4115'25
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes the maximum interest rate that pawnbrokers in Michigan can charge. Currently, pawnbrokers can charge up to 3% per month, but this bill increases that rate to 5% per month. It also adjusts storage fees and clarifies rules regarding loan interest calculations and fees to ensure fairness for borrowers.
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Primary sponsor
Cosponsors
Joseph Aragona
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