Consumer credit: interest rates; maximum interest rate allowed for medical debt; modify. Amends sec. 3 of 1976 PA 331 (MCL 445.903). TIE BAR WITH: HB 5255’25
Key claim: Michigan HB5254 would amend the Consumer Protection Act to lower the maximum interest rate permitted on medical debt.
Abstract
(HB5254 · 103rd Legislature) Consumer credit: interest rates; maximum interest rate allowed for medical debt; modify. Amends sec. 3 of 1976 PA 331 (MCL 445.903). TIE BAR WITH: HB 5255’25 Latest action (2026-06-25): Referred To Committee Of The Whole
Why this matters
Capping interest on medical debt directly affects household finances for Michiganders facing health-related bills and constrains what creditors and collectors can charge. Framed within the Consumer Protection Act, the change adds a new price-regulation tool alongside other MCPA-based consumer safeguards, with downstream effects on collection practices, credit reporting, and healthcare affordability.