A bill to amend 1939 PA 21, entitled “Regulatory loan act,” by amending section 13 (MCL 493.13), as amended by 2001 PA 270.
House Bill No. 5161 amends Michigan's Regulatory Loan Act to cap loan interest rates at 36% annually, clarify allowable fees and charges, and enhance consumer protections in regulatory lending.
Introduced
by
Referred to the Committee on Regulatory Reform
