A licensed pawnbroker may charge upon any loan a rate of interest not to exceed three percent per month, except that he or she is not required to accept any interest less than fifty cents ($.50) on a single loan. A pawnbroker may also charge fifty cents ($.50) per month or fraction thereof for the storage of property, except jewelry, after thirty days, but for not more than four months, under any single pledge or pawn. No pawnbroker or agent or employee thereof shall make a loan upon any deposit, pawn or pledge at a rate of interest and charge or receive therefor in excess of the amounts provided for in this section. Interest on any loan shall not be payable in advance and shall be computed on unpaid monthly balances only, but without compounding. A pawnbroker is not entitled to any examination fee or to make any charge in excess of the amounts provided for in this chapter.
(Res. 2014-110. Passed 3-17-14.)