A licensed pawnbroker may charge upon any loan a rate of interest not to exceed three percent per month and is not required to accept any interest less than fifty cents ($0.50) on a single loan. A pawnbroker may also charge one dollar ($1.00) per month or fraction of a month for the storage of property under any single pledge or pawn. A pawnbroker or the pawnbroker's agent or employee shall not charge or receive interest on the loan in excess of the amounts provided for herein or by State law. Interest on any loan is not payable in advance and shall be computed on unpaid monthly balances without compounding. A pawnbroker is not entitled to any examination fee and shall not make any charge in excess of the amounts provided for in this chapter or by State law.
(Ord. 2008-02. Passed 6-3-08.)