Chart — HB 1269, Pawn Broker Fees and Interest Rates
Summary
This is a chart titled HB 1269 Pawn Broker fees and Interest Rates. It says the bill shortens the loan period from 90 days to 60 days and increases the interest rate for loans greater than $100, and it includes a table of maximum loan preparation fees by loan amount, comparing current law with HB 1269. It states that the bill increases optional storage fees, including an additional firearm fee, and sets the current-law and HB 1269 amounts per 30-day period. It also states that the bill expands payment options for persons unable to redeem and repay a loan, who may pay the pawnbroker through an online payment service.
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“Chart — HB 1269, Pawn Broker Fees and Interest Rates.”
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, SHA-256 844fbd01558c389606abf3270294929b355087a880faf0271be6727c17732264.Full text
HB 1269
Pawn Broker fees and Interest Rates
• Shortens loan period from 90 days to 60 days.
• Increases the interest rate for loans greater than $100.
Loan Amount Current Law HB 1269
$100 or more Not exceed 4% for each 30-day Not exceed 5% for each 30-day
period period
1
• Increases loan preparation fees for loans of $50 or more.
Maximum Loan Preparation Fees
Loan HB 1269
Current Law
Amount
Up to $4.99 $1.50 Same
$5-$9.99 $3.00 Same
$10-$14.99 $4.00 Same
$15-$19.99 $4.50 Same
$20-$24.99 $5.00 Same
$25-$29.99 $5.50 Same
$30-$34.99 $6.00 Same
$35-$39.99 $6.50 Same
$40-$44.99 $7.00 Same
$45-$49.99 $7.50 Same
15 percent of loan 15 percent of loan
$50-$99.99 $50 or more
amount amount
$100- 13 percent of loan 15 percent of loan
$249.99 amount amount
$250- 10 percent of loan 15 percent of loan
$499.99 amount amount
$500- 8 percent of loan 15 percent of loan
$999.99 amount amount
$1000- 7.5 percent of loan 15 percent of loan
$1499.99 amount amount
$1500- 7 percent of loan 15 percent of loan
$1999.99 amount amount
$2000 or 6 percent of loan 15 percent of loan
more amount amount
2
• Increases optional storage fees.
Current Law HB 1269
Storage Fee $5/30-day period $10/30-day period
Additional Firearm Fee $5/30-day period $10/30-day period
• Expands Payment Options.
o For persons that are unable to redeem and repay a loan before the expiration of the loan and have
entered into a mutually agreed upon new loan, the person may pay the pawnbroker through an
online payment service.
3
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- 112,877 bytes
- SHA-256
- 844fbd01558c389606abf3270294929b355087a880faf0271be6727c17732264
- Original
- No public link identified.