INCREASE INTEREST RATE FOR

LOANS ON PAWNED GOODS

Senate Bill 369 as passed by the Senate

Sponsor:  Sen. Peter J. Lucido

House Committee:  Regulatory Reform

Senate Committee:  Regulatory Reform

Complete to 1-13-20

SUMMARY:

Senate Bill 369 would amend 1917 PA 273, which regulates pawnbrokers, to increase from 3% to 4% the interest rate that a licensed pawnbroker can charge for a loan made against pawned articles or goods.

The bill would take effect 90 days after being enacted.

MCL 446.209

FISCAL IMPACT:

Senate Bill 369 would not have a significant fiscal impact on any unit of state or local government.

                                                                                        Legislative Analyst:   Rick Yuille

                                                                                                Fiscal Analyst:   Marcus Coffin

■ This analysis was prepared by nonpartisan House Fiscal Agency staff for use by House members in their deliberations and does not constitute an official statement of legislative intent.