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NO ON SB 408 & HB 4900
The Michigan Creditors Bar Association has joined a coalition of business organizations across Michigan who oppose the EXTREME policy reforms proposed in Senate Bill 408 and House Bill 4900 because they would:
● Trap debtors in a lifetime of debt, cutting them out of the credit-based economy.
● Create this new class of debtor who never has to pay their debts, even if they earn up to $60,000 per year and hold $17,000 in the bank. (Up to $89,000 if Michigan’s minimum wage rises to $15/hour.)
● Institute complicated and overarching exemptions for homes, vehicles and bank accounts that also nullify appropriate garnishment judgements.
● Reduce available credit for all residents – including those who paid their debts.
● Increase the cost of credit for everyone – car loans, mortgages and credit cards.
● Stop local small businesses from being paid. That means your local plumbers, landscapers, accountants – anyone who invoices customers.
● Damage our state’s economic growth
CONTACT YOUR LEGISLATORS NOW
Contact your State Representatives and State Senators today and tell them to VOTE NO on SB 408 & HB 4900
Use these links to find your legislators:
SENATEUse the template letter below, with your own edits, and email legislators now!
POST ON SOCIAL MEDIA
For Facebook, NextDoor, Instagram and LinkedIn:
Bad legislation in Lansing would create a large group of people no longer obligated to repay their debts, which will hurt consumers by reducing access to credit, like car loans, home mortgages and credit cards, and small businesses unable to collect payment for goods & services, forcing them to pass these losses to everyone else. This legislation is bad news for Michigan.
Contact your state senator and representative now to oppose Senate Bill 408 and House Bill 4900.
Find your Senator: https://senate.michigan.gov/
Find your Representative: https://www.house.mi.gov/
Learn more here: https://bit.ly/3ZZ9gIs
For X and Threads:
Bad legislation in Lansing ends the need to repay debt for many-- even with income & assets!
It will result in less credit for all & small biz won't get paid for services.
Ask legislators to oppose these bills! Visit https://bit.ly/3ZZ9gIs
LEARN MORE
EXAMPLES OF SB 408’s RESTRICTED GARNISHMENT (GARNISHMENT “BUBBLES”) |
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MCBA’s "RED LINE" VERSION
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Click to read full article! |
Check out this short, understandable explanation of why Senate Bill 408 would create a class of citizens who no longer have to pay their debts, making loans more expensive for us and hurting local small businesses like plumbers, accountants and more, who would never get paid.