2025 House Bill 4581

A bill to amend 1995 PA 162, entitled “Credit reform act,” by amending section 4 (MCL 445.1854).

AI Analysis – Experimental

House Bill No. 4581 reduces the maximum interest rate regulated lenders can charge on consumer credit in Michigan from 25% to 10% per annum and removes exceptions for credit card rates, thereby strengthening consumer protections.

Introduced in the House

June 5, 2025

Introduced by Rep. Alabas Farhat (D-3) and four co-sponsors

Co-sponsored by Reps. Reggie Miller (D-31), Carrie Rheingans (D-47), Josh Schriver (R-66) and Erin Byrnes (D-15)

Referred to the Committee on Regulatory Reform