715.09   EXCESS INTEREST PROHIBITED; DISCLOSURE REQUIREMENTS.
   (a)    It shall be unlawful for any pawnbroker to charge or collect a greater benefit or percentage upon money advanced, and for the use and forbearance thereof, than the rate of 3% per month. Nothing in this section shall be construed so as to conflict with any law pertaining to usury. Any existing usury laws shall supersede this section.
   (b)    Each pawnbroker, when making a loan under a license issued under this Article, must disclose in printed form on the pawn contract the following information to the persons receiving the loan:
      (1)    The amount of money advanced, which must be designated as the amount financed;
      (2)    The maturity date of the pawn, which must be at least 30 days after the date of the pawn;
      (3)    The total pawn interest and service charge payable at the maturity date, which must be designated as the finance charge;
      (4)    The total of payments that must be paid to redeem the pledged goods on the maturity date, which must be designated as the total of payments; and
      (5)    The annual percentage rate.
   (c)    Each pawnbroker may contract for and receive a monthly finance charge including interest and fees not to exceed one-fifth of the loan amount, for appraising, investigating title, storing and insuring the collateral, closing the loan, making daily reports to the Police Department, complying with regulatory requirements and for all other services. Such fees, when made and collected, shall not be deemed interest for any purpose of law.
(Ord.  2015-2.  Passed 6-4-15.)