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Pawn industry asks committee to raise allowable rates, cites competition from unregulated resale
Summary
Representatives of the Michigan Pawnbrokers Association urged the Regulatory Reform Committee to approve legislation that would raise allowable pawnbroker charges and close market gaps created by businesses operating outside pawn-rate rules.
Mark Aubrey, president of the Michigan Pawnbrokers Association, testified in favor of House Bills 4115 and 4116, describing them as reintroductions of measures that passed the Legislature previously but did not become law. Aubrey told the Regulatory Reform Committee the bills are identical to last session's and would adjust allowable charges for pawn loans from the current statutory level to a somewhat higher percentage (the industry witness described a change from 3% to 5% per month). He said the change is…
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