House approves Michigan Payday Loan law
Lansing, MI — Michigan will soon join the list of states with consumer protection again payday loan lenders. Previously, Michigan was just one of fourteen states without any protection.
Things are going to change. The state house voted 98-6 to approve a bill that would regulate the payday loan industry.
House Bill 4834 would limit borrowers to a maximum $600 loan in a 31-day period and let lenders charge service fees between 11 percent and 15 percent.
Next up for the bill? It needs to go before the Senate and Gov Jennifer Grandholm must sign it.