2005 Maine Code - §3963 — Pawn transaction terms

      1. Maximum finance charge established. A pawnbroker may not directly or indirectly receive a finance charge of greater than 25% per month on that part of a loan that is $500 or less, nor more than 20% per month on that part of a loan that is more than $500, made upon property pawned. Accrued interest may not be incorporated as interest-bearing principal.[1993, c. 59, §3 (new).]
      2. Minimum finance charge authorized. Notwithstanding subsection 1, a pawnbroker may contract for and receive a minimum charge of not more than $2.50.[1993, c. 59, §3 (new).]
      3. Other charges prohibited. A pawnbroker may not charge a fee in addition to a finance charge allowed under subsections 1 and 2.[1993, c. 59, §3 (new).]
      4. Time period. The initial redemption or repurchase period of a pawn transaction, not including an extension under subsection 5, may not exceed 60 days.[1993, c. 59, §3 (new).]
      5. Extension required upon request. A consumer is entitled to at least one extension of the pawn transaction of one month at the same rate of interest upon request in writing or in person.[1995, c. 397, §15 (amd).]
      6. Violation. A violation of this section constitutes a violation of Title 9-A, section 5-201, subject to the civil remedies of the Maine Consumer Credit Code, and constitutes a violation of the Maine Unfair Trade Practices Act.[1993, c. 59, §3 (new).]

Section History:

PL 1987,  Ch. 737,   §A2,C106 (NEW).
PL 1989,  Ch. 6,   § (AMD).
PL 1989,  Ch. 9,   §2 (AMD).
PL 1989,  Ch. 104,   §C8,10 (AMD).
PL 1993,  Ch. 59,   §3 (RPR).
PL 1995,  Ch. 397,   §15 (AMD).