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

House Bill 5254 proposes to modify the maximum interest rate allowed for medical debt. It seeks to achieve this by amending Section 3 of the Michigan Consumer Protection Act. While the bill aims to impact consumers with medical debt and the entities that collect it, the provided text primarily details existing definitions of unfair trade practices within the act and does not include the specific language for the proposed interest rate modification.