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.
Code 1950, § 54-850; 1983, c. 238; 1988, c. 765; 1998, c. 848; 1999, c. 327.
Structure Code of Virginia
Title 54.1 - Professions and Occupations
§ 54.1-4000. Definition of pawnbroker
§ 54.1-4001. License required; license authorized by court; building designated in license; penalty
§ 54.1-4002. Local limitations as to number of pawnshops
§ 54.1-4003. Bond required; private action on bond
§ 54.1-4004. Memorandum to be given pledgor; fee; lost ticket charge
§ 54.1-4005. Sale of goods pawned
§ 54.1-4008. Interest chargeable
§ 54.1-4009. Records to be kept; credentials of person pawning goods; fee; penalty
§ 54.1-4011. Officers may examine records or property; warrantless search and seizure authorized
§ 54.1-4012. Property pawned or purchased not to be disfigured or changed
§ 54.1-4013. Care of tangible personal property; evaluation fee
§ 54.1-4014. Penalties; violation of the Virginia Consumer Protection Act