The bill amends the 1917 PA 273, which regulates and licenses pawnbrokers in Michigan. It updates the title to include provisions for civil penalties and modifies Section 18 to establish stricter penalties for violations of the act. Specifically, it changes the punishment for individuals who violate the act from a misdemeanor with a fine of $25 to $100 to a more severe penalty of imprisonment for 10 days to 3 months, or a fine ranging from $250 to $1,000, or both. Additionally, it introduces a new provision that imposes a civil fine of up to $5,000 for those who charge interest rates exceeding the prescribed limits.

The bill also clarifies the roles of individuals involved in violations, specifying that both owners and employees can be held accountable. It stipulates that the county prosecutor or the attorney general can take action to collect civil fines for interest rate violations. The enactment of this bill is contingent upon the passage of House Bill No. 4116.

Statutes affected:
House Introduced Bill: 446.218
As Passed by the House: 446.218