MS HB1062

Allows pawnbrokers to charge customers fees for credit and debit card processing, separate from the maximum 25% monthly pawnshop charge permitted under existing law.

Requires pawnbrokers to provide clear and conspicuous notice to customers before transaction completion that includes the fee amount, explanation that it covers alternate payment methods, and which payment methods are subject to the fee.

Limits pass-through fees to the actual single transaction cost charged by the third party payment processor to the pawnbroker.

Declares that any interest, charges, or fees exceeding the permitted amounts are uncollectible and void the pawn transaction.

Effective date: July 1, 2024.