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.
Mich. Comp. Laws § 446.209
Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited
Applied in 1 court decision — leading case Citizens for Pretrial Justice v. Goldfarb (1982)
Most recently applied in Citizens for Pretrial Justice v. Goldfarb (December 1982)
1917, Act 273, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.