Section 726.390 - Interest rates and charges(1)(a) Except as provided in paragraph (b) of this subsection, a pawnbroker may not charge, contract for or receive interest at a rate in excess of three percent per month.(b) A pawnbroker may charge one month's interest or $3 on pledge loans redeemed within the first month if interest accumulated amounts to less. The pawnbroker may not compound the interest and may not deduct or receive an amount in advance.(2) A pawnbroker may charge a set-up fee of 10 percent for loans and loan renewals with a minimum charge of $2 and a maximum charge of $250.(3) A pawnbroker may charge a storage fee of not more than seven percent for loans and loan renewals, with a minimum charge of $2 and a maximum charge of $250.(4) Except as provided by law, a pawnbroker may not charge, contract for or receive an amount in addition to the interest provided for in this section.Amended by 2023 Ch. 7, § 1, eff. 1/1/2024.Amended by 2015 Ch. 90, § 1, eff. 1/1/2016.Amended by 1973 c.449 §5; 1979 c.202 §6; 1981 c.192 §44; 1985 c.795 §1; 1997 c.842 §3; 2009 c. 372, § 3