§ 40-14-360 — Pawn finance charge; limits on amount financed and terms; minimum pawn finance charge

(a) No pawnbroker may contract for, charge or receive any
amount as a charge in connection with a pawn transaction other
than a pawn finance charge. No pawn finance charge shall exceed
twenty percent (20%) per month on the unpaid principal balance
of the pawn transaction.
(b) The amount financed in any one (1) pawn transaction to
any one (1) customer shall not exceed three thousand dollars
($3,000.00).
(c) The maturity date of a pawn transaction shall be one
(1) calendar month. The period shall expire on the same date in
the succeeding month if there is such a date, otherwise on the
last day of the succeeding month. If the expiration date is not
a business day, the period expires on the next business day.
(d) Pawn finance charges are fully earned on the day the
loan is made.
(e) Pawn transactions may be renewed from month to month
without additional disclosures provided:
(i) There is no change in the original terms; and
(ii) Pawn finance charges are not compounded.
(f) Notwithstanding subsection (a) of this section, the
lender may contract for and receive a minimum pawn finance
charge of not more than five dollars ($5.00).