Introduced by Sen. Michael MacDonald R-Macomb Township on April 29, 2021
To increase the maximum interest rate a pawnbroker may charge on merchandise-backed loans from 3% per month to 4% per month, and make charging more a civil offense subject to a $5,000 fine. Official Text and Analysis.
Referred to the Senate Regulatory Reform Committee on April 29, 2021
Reported in the Senate on June 17, 2021
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.