(1) A pawnbroker may not charge, contract for or receive interest at a rate in excess of three percent per month. However, on pledge loans redeemed within the first month the pawnbroker may charge a month’s interest, or the pawnbroker may charge $3 when the interest accumulated amounts to less. The interest may not be compounded and no amount whatsoever may be deducted or received in advance.
(2) A set-up fee of 10 percent may be charged on all loans and on all loan renewals with a minimum charge of $2 and a maximum charge of $100.
(3) A storage fee of up to two percent may be charged on all loans and on all loan renewals, with a minimum charge of $2.
(4) Except as provided by law, no further or other charge or amount whatsoever may be charged, contracted for or received in addition to the interest provided for in this section. [Amended by 1973 c.449 §5; 1979 c.202 §6; 1981 c.192 §44; 1985 c.795 §1; 1997 c.842 §3]Section: Previous 726.320 726.330 726.340 726.350 726.360 726.370 726.380 726.390 726.395 726.400 726.410 726.420 726.430 726.440 726.910 Next
Last modified: August 7, 2008