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Pawnbrokers reintroduce bills to raise allowable monthly charge, cite enforcement gaps
Summary
Representatives heard testimony from the Michigan Pawnbrokers Association reintroducing bills (House Bills 4115 and 4116) to raise the monthly charge cap in the pawn statute from 3% to 5% and to add consumer protections; witnesses said the current cap is outdated and has encouraged illicit resale activity.
Mark Aubrey, president of the Michigan Pawnbrokers Association, told the House Regulatory Reform Committee that his industry is reintroducing two bills—House Bills 4115 and 4116—that previously passed the Legislature but did not become law.
Aubrey said the bills, sponsored in the House by the committee chair and Vice Chair Liberati, are identical to measures that the committee previously advanced and that were on the governor’s desk in the prior session;…
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