Pawnbrokers, What Charges May Make

Notwithstanding any other provision of law, a pawnbroker may charge for pawn loans, including consumer loans: COL070307 CH. 49 PAWNBROKERS & JUNK DEALERS

(a)A pawnbroker may legally charge interest at the rate of up to three percent (3%) per calendar month or part thereof on the first $300 outstanding on any loan, and two percent (2%) per calendar month or part thereof on balances of loans in excess of $300.00.

(b)In addition to the interest and other charges allowed herein, a pawnbroker may charge a set-up and loan origination charge of Ten dollars ($10.00), or such minimum charge as may be permitted to be charged by any bank, finance company, or small loan company pursuant to any law or regulation, whichever is greater.

(c)In addition to the interest and other charges allowed herein, a pawnbroker may charge up to fifty cents ($.50) per day per item pawned for storage, insurance, and handling. Such amount shall be disclosed in writing to the pledgor, but need not be treated as interest in computing the rate of interest to be disclosed to the pledgor by the pawnbroker.