Michigan SB0701 modifies the maximum interest rate allowed for medical debt.
Michigan SB0701 amends the Michigan Consumer Protection Act to modify the maximum interest rate allowed for medical debt. The bill specifies that the interest rate for medical debt should not exceed a certain percentage, providing clearer guidelines for lenders and protecting consumers from excessive interest charges on medical loans. This change aims to ensure fair practices in medical debt financing within the state.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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