KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

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HB5552 • 2026

Consumer credit: interest rates; prepayment penalties on certain mortgage loans made for business purposes; allow. Amends sec. 1c of 1966 PA 326 (MCL 438.31c).

Consumer credit: interest rates; prepayment penalties on certain mortgage loans made for business purposes; allow. Amends sec. 1c of 1966 PA 326 (MCL 438.31c).

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Last action
Official status
referred to second reading
Effective date
Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. Michigan Legislature

    referred to second reading

Official Summary Text

Consumer credit: interest rates; prepayment penalties on certain mortgage loans made for business purposes; allow. Amends sec. 1c of 1966 PA 326 (MCL 438.31c).