446.209 Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited.
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/mi/chapter-446/446-209A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
446.209 Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited.
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