HB 4115 - Increases Pawn Shop Interest Rates - Michigan Key Vote
Timeline
- House Bill Passed
- March 20, 2025
- Introduced
- Feb. 25, 2025
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Title: Increases Pawn Shop Interest Rates
Vote Smart's Synopsis:
Vote to pass a bill that increases pawn shop interest rates in Michigan.
Highlights:
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Specifies that any individual in violation of the act is guilty of a misdemeanor and is punishable by imprisonment for no more than 3 months and a fine no less than $250 but no more than $1,000 (Sec. 1).
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Specifies that individuals charging more than the original interest rate will be fined up to $5,000 (Sec. 2).
Title: Increases Pawn Shop Interest Rates