Advocacy News – May 30, 2024
What’s New? Last week, the Michigan Senate heard testimony on a piece of legislation that would significantly change Michigan’s debt collection process by restricting the authority of financial institutions from collecting debts, negatively impacting our state’s economy, and further hindering a debtor’s ability to work towards paying down debt.
What we’re saying: As written, the legislation would increase exemptions for both physical property and salary thresholds from the state’s debt collection process.
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This means, those that are actively paying down their financial debts will be punished as interest rates will inevitably increase to compensate for those that are not financially accountable.
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Furthermore, the legislation does not help individuals climb out of debt. Instead, because the legislation increases exemptions, it keeps people in the cycle of debt.
For more: Read the MI Chamber’s memo to committee members, or contact Leah Robinson at LRobinson@michamber.com for more information.