Michigan HB4581 caps credit card interest rates at 25% per annum for personal, family, or household purposes.

Michigan HB4581 amends the state's consumer credit laws to establish a cap on interest rates for credit cards used for personal, family, or household purposes. The bill specifies that the interest or finance charge must be computed based on the unpaid balance. It limits the interest rate to a maximum of 25% per annum, except for credit card arrangements where a depository institution may charge any rate. This change aims to protect consumers from excessively high interest rates on credit cards.

Michigan HB4581 caps credit card interest rates at 25% per annum for personal, family, or household purposes.

Michigan HB4581 amends the state's consumer credit laws to establish a cap on interest rates for credit cards used for personal, family, or household purposes. The bill specifies that the interest or finance charge must be computed based on the unpaid balance. It limits the interest rate to a maximum of 25% per annum, except for credit card arrangements where a depository institution may charge any rate. This change aims to protect consumers from excessively high interest rates on credit cards.