44-1626. Interest; fees; payment; military members

379 words·~2 min read·/az/title-44/44-1626

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A pawnbroker may charge or receive interest at a rate not exceeding thirteen per cent per month for the first two months and at a rate not exceeding eleven per cent per month thereafter. A pawnbroker shall prorate interest on a daily basis and shall not impose an additional charge if the pledgor agrees to pay a loan in monthly installments, except that interest for two months may be charged or received if the pledged goods are redeemed within two months of the pawn transaction.

B. In addition to interest charged pursuant to subsection A of this section, a pawnbroker may charge and collect at redemption or renewal the following fees:

1. A fee that does not exceed five dollars for handling each firearm.

2. If the pledgor loses the pledgor's claim ticket, a fee that does not exceed seven dollars fifty cents.

3. An initial setup fee of not more than five dollars.

4. A storage fee that does not exceed five dollars per month or a portion of a month for each item of pledged goods, other than a vehicle as defined in section 28-101, that exceeds one cubic foot in volume.

5. A vehicle storage fee that does not exceed five dollars per day for each item of pledged goods that is a vehicle as defined in section 28-101.

6. A fee or charge equal to the amount of any fee, tax, imposition or assessment levied or imposed by any governmental agency in connection with or as a result of any reportable transaction. The pawnbroker may collect at the time of any reportable transaction any fee, tax, imposition or assessment that relates to a reportable transaction and that is imposed by a governmental agency.

C. A pawnbroker shall not demand or require payment of a pawn ticket before the maturity date.

D. If a pawnbroker receives a copy of military orders that indicates that a pledgor has been deployed as a member of the Arizona national guard, the United States armed forces reserves or the regular component of the United States armed forces and the member is serving on federal active duty, the pawnbroker must waive any unpaid interest charges and hold the pledged goods until sixty days after the military member returns from deployment.