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
Structure Michigan Compiled Laws
Chapter 446 - Business Regulation
Act 273 of 1917 - Pawnbrokers (446.201 - 446.219)
Section 446.202 - Licenses; Issuance; Contents; Term; Transferability; Fee; Bond; Limitations.
Section 446.203 - Definitions.
Section 446.204 - Licensed Pawnbroker; Action Upon Bond.
Section 446.205 - Record of Property Received; Contents; Inspection; Form of Permanent Record.
Section 446.206 - Statement to Police of Articles Received; Contents.
Section 446.207 - Repealed. 1980, Act 199, Imd. Eff. July 10, 1980.
Section 446.208 - Purchaser's Memorandum of Pawn; Contents.
Section 446.210 - Title to Item; Sale of Pledged or Pawned Item; Time of Possession.
Section 446.214 - Pawned Property; Acceptance From Certain Persons Prohibited.
Section 446.216 - Bond of Complainant; Amount, Surety.
Section 446.217 - Transaction of Business on Sunday Unlawful.
Section 446.218 - Violation of Act; Penalty.
Section 446.219 - Violation of Act; Revocation of License; Duration.