{"data":{"id":"us-mi/mich.-comp.-laws-446.209","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 446.209","heading":"Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited.","body":"Sec. 9.\n\n(1) A licensed pawnbroker may charge on any loan a rate of interest that does not exceed 3% per month and is not required to accept any interest less than 50 cents on a single loan. A pawnbroker may also charge $3.00 per month or fraction of a month for the storage of unencumbered personal property under any single pledge or pawn.\n\n(2) A pawnbroker or the pawnbroker's agent or employee shall not charge or receive interest on a loan that exceeds the amounts established in this act.\n\n(3) Interest on a loan is not payable in advance and shall be computed on unpaid monthly balances without compounding.\n\n(4) A pawnbroker is not entitled to any examination fee and shall not make any charge that exceeds the amounts established in this act.","path":["MI Code","Chapter 446","Act Act-273-of-1917"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-446-209","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"64e9ac320205aac439dc2b3104716fa6274836f87ec4050fe8ede9de09d7062e","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-446.208","next":"us-mi/mich.-comp.-laws-446.210"},"notice":"GroundRules: Original legal text. Not legal advice."}