A bill to amend 1966 PA 326, entitled “An act to regulate the rate of interest of money; to provide exceptions; to prescribe the rights of parties; and to repeal certain acts and parts of acts,” by amending section 1c (MCL 438.31c), as amended by 1990 PA 94.
House Bill No. 5552 updates Michigan's interest rate regulations for real estate and consumer loans, clarifying permissible rates, fees, and conditions while enhancing consumer protections and aligning state law with federal standards.
Co-sponsored by Reps.
Referred to the Committee on Finance
Reported without amendment
