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Mackinac Center for Public Policy
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2014 House Bill 5594: Revise lender regulation detail
  1. Introduced by Rep. Lisa Lyons (R) on May 21, 2014, to revise a law that imposes licensure and regulations on retail lenders who make relatively small loans to consumers ( such as for cars, household goods, or cash advances), so as to permit a lender to charge a monthly account service fee on outstanding “closed-end” loans, at a maximum rate of 9.75 percent of the original principal amount.
    • Referred to the House Financial Services Committee on May 21, 2014.

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