# Mich. Comp. Laws § 446.209: Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited

> Michigan · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.209

## Section

- **Citation:** Mich. Comp. Laws § 446.209
- **Heading:** Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited
- **Jurisdiction:** Michigan
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** 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

## Nearby sections

- [Mich. Comp. Laws § 446.201 Pawnbrokers; license required; exception; internet drop-off store exempt from licensure.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.201.md)
- [Mich. Comp. Laws § 446.202 Licenses; issuance; contents; term; transferability; fee; bond; limitations.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.202.md)
- [Mich. Comp. Laws § 446.203 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.203.md)
- [Mich. Comp. Laws § 446.204 Licensed pawnbroker; action upon bond.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.204.md)
- [Mich. Comp. Laws § 446.205 Record of property received; contents; inspection; form of permanent record.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.205.md)
- [Mich. Comp. Laws § 446.206 Statement to police of articles received; contents.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.206.md)
- [Mich. Comp. Laws § 446.208 Purchaser's memorandum of pawn; contents.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.208.md)
- [Mich. Comp. Laws § 446.209 Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.209.md)
- [Mich. Comp. Laws § 446.210 Title to item; sale of pledged or pawned item; time of possession.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.210.md)
- [Mich. Comp. Laws § 446.211 Payment or tender of debt before sale; effect as to title and right to property; agreement to permit pawner to maintain possession.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.211.md)
- [Mich. Comp. Laws § 446.212 Misappropriated property; effect of written hold order; delivery of property to person claiming ownership; return of property to pawnbroker; liability; "appropriate law enforcement official" defined.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.212.md)
- [Mich. Comp. Laws § 446.213 Pawned property; destruction or defacing unlawful; visibility of serial number or insignia.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.213.md)
- [Mich. Comp. Laws § 446.214 Pawned property; acceptance from certain persons prohibited.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.214.md)
- [Mich. Comp. Laws § 446.216 Bond of complainant; amount, surety.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.216.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MI_C446_AAct-273-of-1917_S446.209. Check the current official text before relying on it. Not legal advice.