§ 9-219. Establishing interest rate; compliance with rate.

Latest version.

(a)

The city council shall establish the rate of interest to be charged by pawnbrokers. No pawnbroker shall charge or receive upon any loan a greater rate that that fixed by city council.

(b)

No pawnbroker in the city shall charge interest on loaned monies, as a result of a pawning agreement or otherwise, in excess of 18 percent per annum. All loan or pawning agreements shall be in writing and shall clearly state the annual percentage rate. No pawnbroker shall charge or receive any greater rate of interest and interest shall be determined on the precise sum advanced by the lender.

(Code 1971, § 8-113; Ord. No. 1377, 4-15-04)

State law reference

Authority of city to limit rate of interest, M.G.L.A. c. 140, §§ 72, 78.

                    
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