75-67-313 - Pawnshop charge; limit on interest, charges and fees.
§ 75-67-313. Pawnshop charge; limit on interest, charges and fees.
(1) A pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, cost and losses of every nature not to exceed twenty-five percent (25%) of the principal amount, per month, advanced in the pawn transaction.
(2) Any interest, charge, or fees contracted for or received, directly or indirectly, in excess of the amount permitted under subsection (1) of this section shall be uncollectible and the pawn transaction shall void. The pawnshop charge allowed under subsection (1) of this section shall be deemed earned, due and owing as of the date of the pawn transaction and a like sum shall be deemed earned, due and owing on the same day of the succeeding month.
Sources: Laws, 1993, ch. 598, § 7, eff from and after July 1, 1993.