16-719.   Loans; interest and charges; amount; term.(a) No pawnbroker shall contract for,chargeor receive directly or indirectly on or in connection with any pawnbrokertransaction any charges, whether for interest, storage, insurance, servicefee, handling, compensation, consideration or expense which in theaggregate are greater than the charges provided and authorized by this act.Any other provisions of law relating to interest, storage and such chargesshall not be applicable to any pawnbroker transaction made in accordancewith this act.

      (b)   Whenever any loan is made by a pawnbroker for which goods arereceived in pledge:

      (1)   A charge may be added in an amount not toexceed 10% per month or120% per annum ofthe amount advanced to the borrower; and

      (2)   the amount of the loan shall not exceed $5,000.

      (c)   The term of any loan made under the provisions of this act shall beone month. Loans may be extended or renewed by the payment of thecharges herein provided monthly. The charges authorized herein shall bedeemed to be earned at the time the loan is made and shall not be subjectto refund. On loans under this act, no insurance charges or any othercharges of any nature whatsoever shall be permitted.

      History:   L. 1972, ch. 51, § 14;L. 1991, ch. 69, § 1; July 1.