The civic record
Read. Follow. Verify.Michigan House Bill 5161 modifies regulatory loan interest caps and loan processing fees
Last action · October 30, 2025: bill electronically reproduced 10/29/2025Sponsor: Curtis VanderWall
Track this bill to get notified when it advances a stage. One tap to stop, anytime.
What This Bill Would Do
Michigan House Bill 5161 caps regulatory loan interest at 36% per annum and allows lenders to charge a loan processing fee of up to 5% of the principal, capped at $250.00, which will be adjusted biennially based on the consumer price index. The measure also restricts lenders from inducing borrowers into multiple unsecured loans simultaneously to generate extra fees.
Borrowers taking out regulatory loans will face a specific statutory interest rate cap of 36% and standardized loan processing and handling fees, while lenders must adhere to revised limits on concurrent unsecured loans and fee structures.
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
Licensees
Lenders must comply with new statutory caps on interest rates, restrict concurrent unsecured loans to borrowers, and follow updated guidelines for assessing loan processing, handling, and annual fees.
Borrowers
Consumers obtaining regulatory loans are subject to a 36% per annum interest rate limit, allowable loan processing and handling fees, and restrictions on holding multiple unsecured loans simultaneously.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
What is the maximum interest rate a licensee can charge on a loan under this bill?
Can a borrower be charged a processing fee on a closed-end loan?
What else do you want to know?
News Coverage
Follow the record
Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Procedural history
4 actions- Oct 30, 2025Housebill electronically reproduced 10/29/2025
- Oct 29, 2025HouseCommitteereferred to Committee on Regulatory Reform
- Oct 29, 2025HouseIntroducedread a first time
- Oct 29, 2025HouseIntroducedintroduced by Representative Rep. Curtis VanderWall
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Connected Entities
Sources
legislature.mi.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz25Current news / social attention level
Publisher tools