HOUSE BILL NO. 4581

June 05, 2025, Introduced by Reps. Farhat, Miller, Rheingans, Schriver and Byrnes and referred to Committee on Regulatory Reform.

A bill to amend 1995 PA 162, entitled

"Credit reform act,"

by amending section 4 (MCL 445.1854).

the people of the state of michigan enact:

Sec. 4. (1) Except as provided in subsection (2), a A regulated lender may shall not charge, collect, and or receive any rate of interest or finance charge for an extension of credit not to exceed 25% that is more than 10% per annum.

(2) A depository institution may charge, collect, and receive any rate of interest or finance charge for a credit card arrangement.

(2) (3) Except for a fee or charge provided for in section 6 or 7, in connection with an extension of credit made to an individual for personal, family, or household purposes, the interest or finance charge that is calculated on the principal balance shall must be computed only on the basis of the unpaid balance.