The rate of interest that may be charged on money advanced by pawnbrokers shall not exceed the rate of eight percent per annum and shall be computed on the amount of money actually advanced and no interest shall be collected in advance. A pawnbroker may charge one-half percent per month of the amount of the money loaned to cover the cost of storage and insurance of the articles pawned. The rate of interest and the percentage for storage and insurance allowed to be charged in this section shall include all the compensation the pawnbroker may receive and no other charges of any kind shall be made except in the case of foreclosure.
(Ord. 20-76. Passed 3-9-76.)
(Ord. 20-76. Passed 3-9-76.)