§ 91A-8. Pawnbroker fees; interest rates. - North Carolina Statutes

§91A‑8.   Pawnbroker fees; interest rates.

No pawnbroker shall demand orreceive an effective rate of interest greater than two percent (2%) per month,and no other charge of any description or for any purpose shall be made by thepawnbroker, except that the pawnbroker may charge, contract for, and recover anadditional monthly fee for the following services, including but not limitedto:

(1)        Title investigation;

(2)        Handling, appraisal,and storage;

(3)        Insuring a security;

(4)        Application fee;

(5)        Making daily reportsto local law enforcement officers; and

(6)        For other expenses,including losses of every nature, and all other services.

In no event may the total ofthe above listed monthly fees on a pawn transaction exceed twenty percent (20%)of the principal up to a maximum of the following:

Firstmonth.................................................................................. $100.00

Secondmonth................................................................................. 75.00

Thirdmonth..................................................................................... 75.00

Fourthmonth and thereafter............................................................. 50.00

In addition, pawnbrokers maycharge fees for returned checks as allowed by G.S. 25‑3‑506. (1989,c. 638, s. 2; 1995 (Reg. Sess., 1996), c. 742, s. 37.)