P.R. Laws tit. 10, § 644
(a) Interest rates.— In a pawn loan transaction, the interest rate shall not be less than five percent (5%) for a thirty (30)-day period, or more than twenty percent (20%) for a thirty (30)-day period, as agreed by the parties, subject to the provisions herein. The interest rate applicable to pawn loans shall be collected during the initial thirty (30)-day period as agreed, regardless of when the pledged good is redeemed, and shall be expressed based on an annual percentage rate (APR) in every agreement, application, account statement, report, mail, or related promotional material. Interests shall be calculated using the simple interest formula, whereby interest charge is calculated based on the loan balance, except with regards to the calculation of the initial thirty (30)-day period of the loan, as provided above. For purposes of the APR disclosures, interest shall be calculated as follows:
Monthly interest x (12 months)
(b) Service charges.— The licensee may only charge and collect additional charges on account of care, safekeeping, and storage of the pledged goods, which shall not exceed one dollar ($1.00) per each pawn loan agreement. No additional interest shall be collected on past due interest. In the case of pledged goods requiring special care, there may be collected a five dollar ($5) monthly charge provided that the reasons for which such special care is required is thus justified.
No additional interest or fees, either by discount or otherwise, shall be imposed in advanced.
History —Feb. 24, 2011, No. 23, § 12, eff. 60 days after Feb. 24, 2011; Dec. 16, 2014, No. 209, § 3, eff. 60 days after Dec. 16, 2014.