SB 701 — 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: SB 0702'25

SB-701, As Passed Senate, March 11, 2026 SUBSTITUTE FOR SENATE BILL NO.

(c) Representing that goods or services have sponsorship, VMP S04261'25 (S-1)(S-1)_SB701_APS_1 04bqp90snjio 1 approval, characteristics, ingredients, uses, benefits, or quantities that they the goods or services do not have or that a person has sponsorship, approval, status, affiliation, or connection that he or she the person does not have.

(l) Misrepresenting that because of some defect in a consumer's home the health, safety, or lives of the consumer or his or her the consumer's family are in danger if the product or services are not VMP S04261'25 (S-1)(S-1)_SB701_APS_1 04bqp90snjio 1 purchased, when in fact the defect does not exist or the product or services would not remove the danger.

(t) Entering into a consumer transaction in which the consumer waives or purports to waive a right, benefit, or immunity provided VMP S04261'25 (S-1)(S-1)_SB701_APS_1 04bqp90snjio 1 by law, unless the waiver is clearly stated and the consumer has specifically consented to it.

(z) Charging the consumer a price that is grossly in excess of VMP S04261'25 (S-1)(S-1)_SB701_APS_1 04bqp90snjio 1 the price at which similar property or services are sold.

VMP S04261'25 (S-1)(S-1)_SB701_APS_1 04bqp90snjio 1 (ff) Offering a consumer a prize if the consumer is required to submit to a sales presentation to claim the prize, unless a written disclosure is given to the consumer at the time the consumer is notified of the prize and the written disclosure meets all of the following requirements:

VMP S04261'25 (S-1)(S-1)_SB701_APS_1 04bqp90snjio 1 (ii) The disclosure is required or authorized by applicable state or federal statute, rule, or regulation.

This subdivision does not apply if the only receipt issued in a consumer transaction is a credit card or debit card receipt on which the account number or expiration date is handwritten, VMP S04261'25 (S-1)(S-1)_SB701_APS_1 04bqp90snjio 1 mechanically imprinted, or photocopied.

(iii) The live musical performance or production is identified in all advertising and promotion as a salute or tribute and the name of the vocal or instrumental group performing is not so VMP S04261'25 (S-1)(S-1)_SB701_APS_1 04bqp90snjio 1 closely related or similar to that used by the recording group that it would tend to confuse or mislead the public.

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