Title 5 - Business Licenses and Regulations

5.52.140 Charges.

1. A.
   On the effective date of ordinance codified in this chapter 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 chapter. 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 chapter.
2. B.
   Whenever any loan is made by a pawnbroker for which goods are received in pledge, the following maximum amounts may be charged:

   1. 1.
      On any amount a charge may be added in an amount not to exceed 10% per month or 120% per year of the amount advanced to the borrower; and
   2. 2.
      The maximum amount of a loan authorized by this chapter shall not exceed $5000 per transaction.
3. C.
   The term of any loan made under the provisions of this chapter shall be one month. Loans may be extended or renewed by the payment of charges herein provided monthly. The charges authorized herein shall be deemed to be earned at the time the loan is made and not be subject to refund. On loans under this chapter, no insurance charges or any other charges of any nature whatsoever shall be permitted.

(History: Ord. PB-1913 §1,95; PB-712 §14, 72)

Effective on: 1/1/1901