16-719. Loans; interest and charges; amount; term. (a) No pawnbroker shall contract for, charge or receive directly or indirectly on or in connection with any pawnbroker transaction any charges, whether for interest, storage, insurance, service fee, handling, compensation, consideration or expense which in the aggregate are greater than the charges provided and authorized by this act. Any other provisions of law relating to interest, storage and such charges shall not be applicable to any pawnbroker transaction made in accordance with this act.
(b) Whenever any loan is made by a pawnbroker for which goods are received in pledge:
(1) A charge may be added in an amount not to exceed 10% per month or 120% per annum of the amount advanced to the borrower; and
(2) the amount of the loan shall not exceed $5,000.
(c) The term of any loan made under the provisions of this act shall be one month. Loans may be extended or renewed by the payment of the charges herein provided monthly. The charges authorized herein shall be deemed to be earned at the time the loan is made and shall not be subject to refund. On loans under this act, no insurance charges or any other charges of any nature whatsoever shall be permitted.
History: L. 1972, ch. 51, § 14; L. 1991, ch. 69, § 1; July 1.
Structure Kansas Statutes
Chapter 16 - Contracts And Promises
Article 7 - Regulation Of Pawnbrokers And Precious Metal Dealers
16-707 Licensure; application; fee.
16-709 Transfer of stock by stockholder of corporate licensee; effect.
16-710 License; contents; display; license for each place of business.
16-711 Change in location of place of business; notice; duplicate license; restrictions.
16-712 Examination of books, accounts, records.
16-713 Suspension or revocation of license; notice and hearing.
16-716 Record of transactions.
16-717 Minors; prohibited transactions.
16-718 Periodic inspections to determine compliance with act.