§ 22-131. Maximum rate of interest for pawn transaction.

Latest version.

Notwithstanding any other provision of law to the contrary, persons licensed as a pawnbroker pursuant to section 22-113 may charge a maximum rate of interest of ten percent per month on pawn transactions. In addition to the interest charged on loans, the pawnbroker may charge a maximum of ten percent for all other services. Any transaction whereby property is transferred to the pawnbroker and later redeemed by the previous owner, shall be considered a loan for the purposes of this section.

(Code 1976, § 13:221; Ord. No. 967, 9-10-1990)

                    
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