Bill Text: MI HB5589 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Occupations: pawnbrokers; interest on pawned merchandise; modify. Amends sec. 8 of 1917 PA 273 (MCL 446.208). TIE BAR WITH: SB 0369'19
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: (Engrossed - Dead) 2020-08-06 - Referred To Committee Of The Whole [HB5589 Detail]
Download: Michigan-2019-HB5589-Introduced.html
HOUSE BILL NO. 5589
March 05, 2020, Introduced by Reps. Hall,
Berman, Crawford, Filler and Chirkun and referred to the Committee on
Regulatory Reform.
A bill to amend 1917 PA 273, entitled
"An act to regulate and license pawnbrokers that conduct business in this state; to provide for the disposition of allegedly misappropriated property in the possession of pawnbrokers; to provide remedies and prescribe penalties; and to provide for the powers and duties of certain local governmental units and state agencies,"
by amending section 8 (MCL 446.208), as amended by 2002 PA 469.
the people of the state of michigan enact:
Sec. 8. A pawnbroker, at the time of a loan, shall
deliver to the person pawning or pledging any article a memorandum or note
signed by him or her, the pawnbroker, containing the substance
of the entry required to be made
by him or her the pawnbroker in his or her the pawnbroker's book by that is required under section 6. A The pawnbroker shall not make or receive a charge
shall not be made or received by
the pawnbroker for the entry, memorandum, or note. The memorandum
or note shall must be consecutively numbered and upon the following must be printed on its back
shall be printed in
English in 12-point type: the following: "If
interest or charges in excess of 3% 4% per
month, plus storage charges provided in this document, are asked or received,
this loan is void and of no effect, ; and the borrower
cannot be made to pay back the money loaned, any interest on the loan, or any
charges or any part of the charges, and the pawnbroker loses all right to the
possession of the goods, article, or thing pawned , and
shall surrender the item to the borrower or pawner upon due demand for the
item.".
Enacting section 1. This amendatory act does not take effect unless Senate Bill No. 369 of the 100th Legislature is enacted into law.
