§ 22-140. Costs and fees associated with pawn transactions.

(a)

Maximum interest charged for pawn transactions.

(1)

During the first 90 days of any pawn transaction or extension or continuation of a pawn transaction, a pawnbroker may change for each 30-day period interest and pawnshop charges which together equal no more than 25 percent of the principal amount advanced, with a minimum charge of up to $10.00 per 30-day period.

(2)

On any pawn transaction which is continued or extended beyond 90 days, a pawnbroker may charge for each 30-day period interest and pawnshop charges which together equal no more than 12.5 percept of the principal amount advanced, with a minimum charge of up to $5.00 per 30-day period.

(b)

Other fees.

(1)

If the pledgor or seller requests that the pawnbroker mail or ship the pledged item to the pledgor or seller, a pawnbroker may charge a fee for the actual shipping and mailing costs, plus a handling fee equal to not more than 50 percent of the actual shipping and mailing costs.

(2)

In the event the pledgor or seller has lost or destroyed the original pawn ticket, a pawnbroker may, at the time of redemption, charge a fee equal to not more than $2.00.

(3)

No other charge or fee of any kind by whatever name denominated, including but not limited to any other storage fee for a motor vehicle, shall be made by a pawnbroker except as set forth in the forgoing code sections.

(4)

No fee or charge provided for in this code section may be imposed unless a disclosure regarding that fee or charge has been properly made.

(Ord. No. 03-2007, § 1, 2-26-07)