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.
The bill aims to update sections regarding the issuance of loan memorandums by pawnbrokers, interest rates and charges on loans, and penalties for violations of the act. Key provisions include requiring pawnbrokers to provide a detailed memorandum at the time of a loan, capping interest rates at 5% per month, allowing a storage charge of $3.00 per month, and setting penalties for violations, including misdemeanors punishable by imprisonment and fines, and civil fines up to $5,000 for charging excessive interest rates.
Introduced
by
Referred to the Committee on Regulatory Affairs
