HB 4581
Consumer credit: interest rates; credit card interest rates; provide cap. Amends sec. 4 of 1995 PA 162 (MCL 445.1854).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to limit the interest rates that regulated lenders can charge on loans. Specifically, it sets a maximum interest rate of 25% per year for most loans, excluding credit card arrangements. The bill also clarifies that interest charges on personal loans should only be calculated on the outstanding balance, not the total loan amount, with the exception of specific fees outlined in other sections of the law.
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