SB0369 Summary

• Amends the pawnbroker licensing law to allow licensed pawnbrokers to charge interest rates up to 4% per month on loans (previously limited to lower amounts).

• Permits pawnbrokers to charge a minimum of 50 cents per loan and $3.00 per month or fraction thereof for storage of unencumbered personal property under a single pledge.

• Requires that interest be computed on unpaid monthly balances without compounding and prohibits interest from being charged in advance.

• Prohibits pawnbrokers from charging examination fees or amounts exceeding those established in the act.

• Becomes effective 90 days after enactment.