(A) Notwithstanding any other statute, ordinance, rule, regulation, or M.S. § 325J.13, as it may be amended from time to time, a pawnbroker may contract for and receive a pawn shop charge not to exceed 3% per month of the principal amount advanced in the pawn transaction, plus a reasonable fee for storage and services. A fee for storage and services may not exceed $20 if the property is not in the possession of the pawnbroker.
(B) The pawn shop charge allowed under the above paragraph shall be deemed earned, due and owing as of the date of the pawn transaction and a like sum shall be deemed earned, due and owning on the same day of the succeeding month. However, if full payment is made more than two weeks before the next succeeding date the pawnbroker shall remit one-half of the pawn shop charge for that month to the pledgor.
(C) Interest shall not be deducted in advance, nor shall any loan be divided or split so as to yield greater interest or fees than would be permitted upon a single, consolidated loan or for otherwise evading any provisions of this section.
(D) Any interest, charge or fees contracted for or received, directly or indirectly, in excess of the amount permitted under this section, shall be uncollectible and the pawn transaction shall be void.
(E) A schedule of charges permitted by this section shall be posted on the pawn shop premises in a place clearly visible to the general public.
(F) Hours of operation shall be from 7:00 a.m. to 6:00 p.m. Transactions on legal holidays and Sundays shall be prohibited.
(Ord. 184, passed 5-18-98) Penalty, see § 10.99