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 clarify the penalties for violations of the act. Specifically, it establishes that individuals who violate the act can be guilty of a misdemeanor, punishable by imprisonment for not less than 10 days and not more than 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 in Section 9, allowing the county prosecutor or the attorney general to take action to collect this fine.

The bill also includes a stipulation that it will not take effect unless House Bill No. 4116 is enacted into law. This ensures that the amendments to the pawnbroker regulations are contingent upon the passage of related legislation, thereby coordinating the regulatory framework for pawnbrokers in Michigan.

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