Consumer credit: interest rates; credit card interest rates; provide cap. Amends sec. 4 of 1995 PA 162 (MCL 445.1854).

HB 4581 would cap credit card interest rates for most lenders at 25% per year, directly affecting Michigan consumers who use credit cards from non-bank lenders. The bill amends existing law to prohibit regulated lenders from charging more than 25% APR on credit card extensions, while allowing banks (depository institutions) to set their own rates under current rules. It also requires interest to be calculated only on the unpaid balance of the credit card, not the full amount owed. This change aims to limit high-cost credit for personal, family, or household use under Michigan's Credit Reform Act. The bill is currently in committee referral after its introduction on June 5, 2025.