§ 54.1-4008

Interest chargeable

A. No pawnbroker shall ask, demand or receive a greater rate of interest than ten percent per month on a loan of $ 25 or less, or seven percent per month on a loan of more than $ 25 and less than $ 100, or five percent per month on a loan of $ 100 or more, secured by a pledge of tangible personal property. No loan shall be divided for the purpose of increasing the percentage to be paid the pawnbroker. Loans may be renewed based on the original loan amount. Loans may not be issued that compound the interest or storage fees from previous loans on the same item.

B. An annual percentage rate computed and disclosed under the provisions of the federal Truth-in-Lending Act shall not be deemed a violation of this section.

History

Code 1950, § 54-850; 1983, c. 238; 1988, c. 765; 1998, c. 848; 1999, c. 327.

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