Plain English Breakdown
The official source material does not provide specific details on penalties for violating the allowable rate of interest charged by pawnbrokers.
Pawnbroker Rules for Interest Rates
This law sets rules and penalties for pawnbrokers who charge too much interest on loans.
What This Bill Does
- Sets a limit on how much interest pawnbrokers can charge when they lend money to people using their items as collateral.
- Updates an old law from 1917 that talks about pawnbroker rules.
Who It Names or Affects
- Pawnbrokers who lend money to people using their items as collateral.
Terms To Know
- pawnbroker
- A person or business that lends money in exchange for personal property, which the borrower can redeem by paying back the loan plus interest within a set period.
- interest rate
- The percentage of an amount borrowed that is charged as a fee for borrowing money.
Limits and Unknowns
- This summary does not include specific details about the new fines or penalties.
- It's unclear what exact changes will be made to the existing law from 1917.