Michigan HB5254 modifies the maximum interest rate allowed for medical debt.
Michigan HB5254 amends Section 3 of the 1976 Michigan Compiled Laws, Title 445, Chapter 9, Act 331, concerning consumer credit. The bill modifies the maximum interest rate allowed for medical debt. It specifies that the amendment will not take effect unless House Bill No. 5255 of the 103rd Legislature is enacted into law. The changes focus on consumer protection in credit transactions, particularly regarding medical debt interest rates.
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