It shall be unlawful for any pawnbroker to charge or collect a greater benefit or
percentage upon money advanced, and for the use and forbearance thereof,
than the rate of 3% per month. Nothing in this Section shall be construed so as
to conflict with the law pertaining to usury and the person receiving money so
advanced may hold such moneys to pay any fees in addition to interest herein
provided.
Each pawnbroker, when making a loan under this Section, must disclose in
printed form on the pawn contract the following information to the persons
receiving the loan:
(1) the amount of money advanced, which must be designated as the amount
financed;
(2) the maturity date of the pawn, which must be at least 30 days after the date
of the pawn;
(3) the total pawn interest and service charge payable on the maturity date,
which must be designated as the finance charge;
(4) the total of payments that must be paid to redeem the pledged goods on
the maturity date, which must be designated as the total of payments; and
(5) the annual percentage rate, computed according to the regulations
adopted by the Board of Governors of the Federal Reserve System under the
Federal Truth in Lending Act.
Each pawnbroker may contract for and receive a monthly finance charge
including interest and fees not to exceed one-fifth of the loan amount, as set
forth herein, for appraising, investigating title, storing and insuring the
collateral, closing the loan, making daily reports to local law enforcement