Bill
Bill > SB0269
MI SB0269
Occupations: pawnbrokers; allowable rate of interest charged by pawnbrokers; increase, and provide civil fines. Amends title & secs. 8, 9 & 18 of 1917 PA 273 (MCL 446.208 et seq.).
summary
Introduced
04/19/2023
04/19/2023
In Committee
04/19/2023
04/19/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd 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 the title and sections 8, 9, and 18 (MCL 446.208, 446.209, and 446.218), the title and section 9 as amended by 2018 PA 345 and section 8 as amended by 2002 PA 469.
AI Summary
This bill amends the 1917 Act that regulates and licenses pawnbrokers in Michigan. The key provisions include:
1) Increasing the maximum allowable interest rate that pawnbrokers can charge on loans from 3% to 5% per month.
2) Requiring pawnbrokers to print specific language on the memorandum or note given to the person pawning or pledging an article, notifying them that loans with interest or charges exceeding 5% per month are void.
3) Establishing a civil fine of up to $5,000 for pawnbrokers who charge interest rates higher than the 5% per month limit, to be enforced by the county prosecutor or state attorney general.
4) Increasing the criminal penalties for violating the Act, including a minimum fine of $250 and up to 3 months imprisonment.
The bill aims to update the regulations governing pawnbrokers in Michigan, including increasing the allowable interest rate and imposing stronger penalties for noncompliance.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Referred To Committee On Regulatory Affairs (on 04/19/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://legislature.mi.gov/doc.aspx?2023-SB-0269 |
| BillText | http://www.legislature.mi.gov/documents/2023-2024/billintroduced/Senate/htm/2023-SIB-0269.htm |
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