Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited.
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MI Code › Chapter 446 › Act Act-273-of-1917 › Section 446.209
Text
Sec. 9.
(1) A licensed pawnbroker may charge on any loan a rate of interest that does not exceed 3% per month and is not required to accept any interest less than 50 cents on a single loan. A pawnbroker may also charge $3.00 per month or fraction of a month for the storage of unencumbered personal property under any single pledge or pawn.
(2) A pawnbroker or the pawnbroker's agent or employee shall not charge or receive interest on a loan that exceeds the amounts established in this act.
(3) Interest on a loan is not payable in advance and shall be computed on unpaid monthly balances without compounding.
(4) A pawnbroker is not entitled to any examination fee and shall not make any charge that exceeds the amounts established in this act.
History: 1917, Act 273, Eff. Aug. 10, 1917; CL 1929, 9692; CL 1948, 446.209; Am. 1965, Act 252, Eff. Mar. 31, 1966; Am. 1998, Act 233, Imd. Eff. July 3, 1998; Am. 2004, Act 585, Imd. Eff. Jan. 4, 2005; Am. 2018, Act 345, Eff. Jan. 14, 2019
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