§ 54.1-4008. Interest chargeable
A. No pawnbroker shall ask, demand or receive a greater rate of interest than ten percent per month on a loan of $25 or less, or seven percent per month on a loan of more than $25 and less than $100, or five percent per month on a loan of $100 or more, secured by a pledge of tangible personal property. No loan shall be divided for the purpose of increasing the percentage to be paid the pawnbroker. Loans may be renewed based on the original loan amount. Loans may not be issued that compound the interest or storage fees from previous loans on the same item.
B. An annual percentage rate computed and disclosed under the provisions of the federal Truth-in-Lending Act shall not be deemed a violation of this section.
(Code 1950, § 54-850; 1983, c. 238; 1988, c. 765; 1998, c. 848; 1999, c. 327.)
Sections: Previous 54.1-4000 54.1-4001 54.1-4002 54.1-4003 54.1-4004 54.1-4005 54.1-4006 54.1-4008 54.1-4009 54.1-4010 54.1-4011 54.1-4012 54.1-4013 54.1-4014 NextLast modified: April 3, 2009