Michigan HB4115 amends pawnbroker regulations to impose civil fines for exceeding allowable interest rates.

Michigan HB4115 amends the state's pawnbroker regulations by prescribing civil sanctions for violations of the allowable interest rate charged by pawnbrokers. Specifically, it imposes a civil fine of up to $5,000 for charging interest rates above the prescribed limit. The prosecutor or attorney general can bring an action to collect the fine. This amendment is contingent on the enactment of House Bill No. 4116.

Michigan HB4115 amends pawnbroker regulations to impose civil fines for exceeding allowable interest rates.

Michigan HB4115 amends the state's pawnbroker regulations by prescribing civil sanctions for violations of the allowable interest rate charged by pawnbrokers. Specifically, it imposes a civil fine of up to $5,000 for charging interest rates above the prescribed limit. The prosecutor or attorney general can bring an action to collect the fine. This amendment is contingent on the enactment of House Bill No. 4116.