Section 446.209 - Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited(1) A licensed pawnbroker may charge on any loan a rate of interest that does not exceed 3% per month and is not required to accept any interest less than 50 cents on a single loan. A pawnbroker may also charge $3.00 per month or fraction of a month for the storage of unencumbered personal property under any single pledge or pawn.(2) A pawnbroker or the pawnbroker's agent or employee shall not charge or receive interest on a loan that exceeds the amounts established in this act.(3) Interest on a loan is not payable in advance and shall be computed on unpaid monthly balances without compounding.(4) A pawnbroker is not entitled to any examination fee and shall not make any charge that exceeds the amounts established in this act.Amended by 2018, Act 345,s 1, eff. 1/14/2019.Amended by 2004, Act 585, s 2, eff. 1/4/2005.1917, Act 273, Eff. 8/10/1917 ;--CL 1929, 9692 ;--CL 1948, 446.209 ;--Am. 1965, Act 252, Eff. 3/31/1966 ;--Am. 1998, Act 233, Imd. Eff. 7/3/1998.