Sec. 15-20. Disclosure of article description and pawn terms.
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/il/chapter-205/act-511/15-20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15-20. Disclosure of article description and pawn terms.
(a)Every pawnbroker shall, at the time of making any advancement or pawn, deliver to the person pawning or pledging any property, a memorandum, contract, or note signed by the person pawning the property containing an accurate account and description, in the English language, of the following:
(1)All the goods, articles or other things pawned or pledged.
(2)The amount of money and the time of pledging the same.
(3)The rate of interest to be paid on the pawn.
(4)The name and residence of the person making the pawn or pledge.
(5)The dollar amount of any fees as specified in Section 15-10.
(6)A disclosure that by extending the pawn, the fees may exceed the value of the item
pawned.
(b)The Secretary may adopt rules prescribing the form and content of the disclosures required by subsection (a).