MichiganVotes.org: Michigan Laws, Bills and Votes
using concise, plain and objective descriptions
using concise, plain and objective descriptions
Legislation watch
2021 Senate Bill 405: Increase allowable pawnbroker interest rate
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.
Received in the House on October 5, 2021
Referred to the House Regulatory Reform Committee on October 5, 2021
Reported in the House on February 22, 2022
Without amendment and with the recommendation that the bill pass.
Referred to the House Rules and Competitveness Committee on February 22, 2022
Reported in the House on March 24, 2022
Without amendment and with the recommendation that the bill pass.