Michigan § 446.209 - Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited.
Full text of Michigan Michigan Compiled Laws § 446.209 — Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited., with citation guidance and answers to common questions.
§ 446.209. Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited.
(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.
(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.
(3) Interest on a loan is not payable in advance and shall be computed on unpaid monthly balances without compounding.
(4) A pawnbroker is not entitled to any examination fee and shall not make any charge that exceeds the amounts established in this act.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 446.209
What does Michigan Compiled Laws § 446.209 cover?
Section 446.209 ("Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 446.209?
A common citation format is "Michigan Compiled Laws § 446.209" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 446.209 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.