Bill > HB5589

This bill amends a 1917 law that regulates pawnbrokers in Michigan. It modifies the requirement for pawnbrokers to provide a memorandum or note to customers at the time of a loan. Specifically, the bill changes the language to be printed on the back of the memorandum or note, increasing the maximum allowable interest rate from 3% to 4% per month, while maintaining that the loan becomes void if the pawnbroker charges more than the allowed interest and fees. The bill also includes an enacting section stating that it will not take effect unless a related Senate bill (SB 369) is also enacted into law.