5.42.180 Interest and Charges on Pawnbroker Transactions--Applicability of Other Loans--Maximum Charges--Terms of Loans.
(A) No pawnbroker shall contract for, charge, or receive directly or indirectly on or in connection with any pawnbroker transaction any charges, whether for interest, storage, insurance, service fee, handling, compensation, consideration or expense which in the aggregate are greater than the charges provided and authorized by this act. Any other provisions of law relating to interest, storage and such charges shall not be applicable to any pawnbroker transaction made in accordance with this act.
(B) Whenever any loan is made by a pawnbroker for which goods are received in pledge:
(1) A charge may be added in an amount not to exceed ten percent (10%) per month or one hundred twenty percent (120%) per annum of the amount advanced to the borrower; and
(2) The amount of the loan shall not exceed Five Thousand Dollars ($5,000.00).
(C) The term of any loan made under the provisions of this act shall be one (1) month. Loans may be extended or renewed by the payment of the charges herein provided monthly. The charges authorized herein shall be deemed to be earned at the time the loan is made and shall not be subject to refund. On loans under this act, no insurance charges or any other charges of any nature whatsoever shall be permitted. (Ord. 02-86 § 2, 2002; Ord. 93-14 § 1, 1993; Ord. 81-106 § 1 (part), 1981.)