HB 4116 - Increases Penalties for Violators of Interest Rate Limits - Michigan Key Vote
Timeline
- House Bill Passed
- March 20, 2025
- Introduced
- Feb. 25, 2025
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Title: Increases Penalties for Violators of Interest Rate Limits
Vote Smart's Synopsis:
Vote to pass a bill that increases penalties for violators of interest rate limits in Michigan.
Highlights:
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Increases the cap on the interest that pawnbrokers can charge on a loan from 3% to 5% (Sec. 8).
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Specifies that this Act only takes effect if HB 4115 is enacted into law (Sec. 1).
Title: Increases Penalties for Violators of Interest Rate Limits