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.
HB 5535 would increase fines for violations of the state law regulating pawnbrokers. It would also create a new fine of up to $5,000 for pawnbrokers who charge an interest rate above the maximum allowed. This bill is tie-barred to HB 5536.
Co-sponsored by Reps.
Referred to the Committee on Regulatory Reform
Reported without amendment
Passed in the House 88 to 22 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Regulatory Affairs
