The bill amends the existing law regulating pawnbrokers in Michigan, specifically updating the title and section 18 of the 1917 PA 273 act. The title now includes provisions for prescribing civil penalties in addition to existing remedies and penalties. Section 18 has been revised to clarify the penalties for violations of the act, changing the language from a misdemeanor with a fine and potential jail time to a more structured penalty system. Specifically, it establishes that individuals who violate the act can face imprisonment for 10 days to 3 months, a fine ranging from $250 to $1,000, or both.

Additionally, the bill introduces a new subsection that imposes a civil fine of up to $5,000 for violations related to excessive interest rates charged on loans, with enforcement actions being the responsibility of the county prosecutor or the attorney general. The enactment of this bill is contingent upon the passage of House Bill No. 4116.

Statutes affected:
House Introduced Bill: 446.218