(a) The Pawnbroker Licensure Commission shall:
(1) Promulgate, amend, and rescind rules, forms, and orders that the commission deems necessary or appropriate, including without limitation rules and forms governing:
(A) Eligibility and application requirements;
(B) Licensing and continuing education requirements;
(C) Licensing and application fees;
(D) Procedures concerning the suspension, revocation, and surrender of a license;
(E) Prohibited acts under this chapter;
(F) The right to redeem;
(G) A pawnbroker's lien; and
(H) The procedure concerning hold orders;
(2) Define terms, whether or not used in this chapter, if consistent with this chapter; and
(3) Promulgate rules to ensure that:
(A) The interest charged on a pawn transaction is designated as an annual percentage rate that shall not exceed seventeen percent (17%) of the amount financed per annum; and
(B) A pawnbroker may charge a pawn service charge that is reasonably justifiable for the burden of all services related to maintenance of the security in the pawnbroker's possession, including storing, insuring, and investigating the title of the security, but the total pawn service charge shall not exceed twenty-five percent (25%) of the amount financed for each thirty-day period in a pawn transaction, except that the pawnbroker is entitled to receive a minimum pawn service charge of five dollars ($5.00) for each fifteen-day period.
(b) A rule, form, or order shall not be made, amended, or rescinded unless the commission finds that the action is:
(1) Necessary and appropriate in the public interest or for the protection of consumers; and
(2) Consistent with the purposes fairly intended by the policy and provisions of this chapter.
(c) All rules and forms of the commission shall be published.
Structure Arkansas Code