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Bill > HB5535
MI HB5535
MI HB5535Occupations: pawnbrokers; allowable rate of interest charged by pawnbrokers; increase, and prescribe civil sanctions. Amends title & sec. 18 of 1917 PA 273 (MCL 446.218). TIE BAR WITH: HB 5536'24
summary
Introduced
03/05/2024
03/05/2024
In Committee
07/30/2024
07/30/2024
Crossed Over
06/27/2024
06/27/2024
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 section 18 (MCL 446.218), the title as amended by 2018 PA 345.
AI Summary
This bill amends the 1917 Michigan law that regulates pawnbrokers. It increases the penalties for violating the law, including raising the maximum fine from $100 to $1,000 and adding the possibility of up to 3 months' imprisonment. The bill also includes a new civil fine of up to $5,000 for pawnbrokers who charge an interest rate higher than the legally prescribed rate. The changes are contingent on the enactment of a separate bill, either Senate Bill ____ or House Bill 5536.
Committee Categories
Government Affairs
Sponsors (11)
Joe Aragona (R)*,
Greg Alexander (R),
Timmy Beson (R),
Matthew Bierlein (R),
Jay DeBoyer (R),
Mike Harris (R),
Tom Kunse (R),
Tullio Liberati (D),
Mike McFall (D),
Will Snyder (D),
Doug Wozniak (R),
Last Action
Referred To Committee On Regulatory Affairs (on 07/30/2024)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Banking System and Financial Institution Regulation and Reform
- ‐ Consumer Finance and Credit, including Credit Cards
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?2024-HB-5535 | 03/05/2024 |
| BillText | https://legislature.mi.gov/documents/2023-2024/billengrossed/House/htm/2024-HEBH-5535.htm | 06/27/2024 |
| Fiscal Note/Analysis - House: Summary as Reported from Committee | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5535-8561FDA2.pdf | 06/20/2024 |
| Fiscal Note/Analysis - House: Summary as Introduced | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5535-CFFD10C9.pdf | 06/10/2024 |
| BillText | http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2024-HIB-5535.htm | 03/05/2024 |
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