Occupations: pawnbrokers; allowable rate of interest charged by pawnbrokers; increase, and prescribe civil sanctions. Amends title & sec. 18 of 1917 PA 273 (MCL 446.218). TIE BAR WITH: HB 5536'24

This bill modifies Michigan's pawnbroker regulations by increasing the maximum civil fine for charging excessive interest from an unspecified amount to $5,000. It also updates the criminal penalties for violating the act, allowing courts to impose fines ranging from $250 to $1,000 or imprisonment for up to three months. The legislation directly affects pawnbrokers and their employees by clarifying the consequences for non-compliance with state laws. Additionally, the bill includes a provision that prevents it from taking effect unless a companion bill, HB 5536, is also enacted into law.