2019 Senate Bill 369

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Introduced in the Senate

June 12, 2019

Introduced by Sen. Pete Lucido (R-8)

To increase the maximum interest rate a pawnbroker may charge on merchandise-backed loans from 3 percent per month to 4 percent per month.

Referred to the Committee on Regulatory Reform

Oct. 30, 2019

Reported without amendment

With the recommendation that the bill pass.

Nov. 13, 2019

Passed in the Senate 24 to 12 (details)

Received in the House

Nov. 20, 2019

Referred to the Committee on Regulatory Reform

June 3, 2020

Reported without amendment

Refer to the Committee on Ways and Means.

Referred to the Committee on Ways and Means

June 17, 2020

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Dec. 16, 2020

Passed in the House 71 to 37 (details)

To increase the maximum interest rate a pawnbroker may charge on merchandise-backed loans from 3 percent per month to 4 percent per month.

Vetoed by Gov. Gretchen Whitmer

Dec. 30, 2020