No person licensed under this chapter shall charge, receive or demand interest for any loan in excess of five percent per month on the unpaid principal. In addition to such rate of interest, the licensee may make a total charge for the storage of pledged articles held as security for a loan, which charge shall not exceed two dollars ($2.00) per month or fraction thereof for all pledged articles held as security for a loan, to be agreed upon in writing between the licensee and the pledgor at the time the loan is made. In instances where the licensee is to deliver or forward the pledged article by express or parcel post, the licensee shall be allowed an additional charge of three dollars ($3.00) plus the actual cost of shipping. The interest and charges shall not be deducted or paid in advance and interest for the actual number of days shall be computed on the unpaid balances and shall not be compounded, except that such licensee shall have the further right to charge and collect interest at the specified rate for one full month on any loan which is made and repaid within thirty days. In addition to the interest and charges provided for in this section, no further charge shall be made by any licensee.
(Ord. 1993-53. Passed 3-18-93.)