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Bill > HB4628
MI HB4628
MI HB4628Occupations: pawnbrokers; allowable rate of interest charged by pawnbrokers; increase. Amends secs. 8 & 9 of 1917 PA 273 (MCL 446.208 & 446.209).
summary
Introduced
04/13/2021
04/13/2021
In Committee
02/22/2022
02/22/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
Potential new amendment
101st Legislature
Bill Summary
A bill to amend 1917 PA 273, entitled "An act to regulate and license pawnbrokers that conduct business in this state; to provide for the disposition of allegedly misappropriated property in the possession of pawnbrokers; to provide remedies and prescribe penalties; and to provide for the powers and duties of certain local governmental units and state agencies," by amending sections 8 and 9 (MCL 446.208 and 446.209), section 8 as amended by 2002 PA 469 and section 9 as amended by 2018 PA 345.
AI Summary
This bill amends sections 8 and 9 of the 1917 Public Act 273, which regulates and licenses pawnbrokers in Michigan. The key changes include:
1. Increasing the maximum allowable monthly interest rate that pawnbrokers can charge from 3% to 4%.
2. Requiring pawnbrokers to print a specific notice on the memorandum or note provided to borrowers, informing them that if the interest or charges exceed 4% per month, the loan is void and the pawnbroker must surrender the pawned item to the borrower.
3. Specifying that interest on loans must be computed on unpaid monthly balances without compounding.
4. The bill takes effect 90 days after being enacted into law.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Referred To Committee On Rules And Competitiveness (on 02/22/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://legislature.mi.gov/doc.aspx?2021-HB-4628 | 04/14/2021 |
| House Substitute (H-2) | http://www.legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2021-HCVBS-4628-0N295.pdf | 02/24/2022 |
| Fiscal Note/Analysis - Summary of Proposed H-2 Substitute | http://www.legislature.mi.gov/documents/2021-2022/billanalysis/House/pdf/2021-HLA-4628-13362A16.pdf | 02/16/2022 |
| Fiscal Note/Analysis - Summary as Introduced | http://www.legislature.mi.gov/documents/2021-2022/billanalysis/House/pdf/2021-HLA-4628-942FB289.pdf | 02/15/2022 |
| BillText | http://www.legislature.mi.gov/documents/2021-2022/billintroduced/House/htm/2021-HIB-4628.htm | 04/14/2021 |
| Bill | http://www.legislature.mi.gov/documents/2021-2022/billintroduced/House/pdf/2021-HIB-4628.pdf | 04/14/2021 |
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