§ 19-26-18 - Maximum charges. - Rhode Island Statutes

SECTION 19-26-18

   § 19-26-18  Maximum charges. – Pawnbrokers are prohibited from charging, taking, or receiving, directly orindirectly, for the use of money lent on personal property, any more than thefollowing rates of interest: for the use of money exceeding fifty dollars($50.00) in amount for a period not exceeding three (3) months, five percent(5%) per month; for a period of time exceeding three (3) months, two andone-half percent (2.5%) per month; for the use of money exceeding fifty dollars($50.00) in amount for any period of time, two and one-half percent (2.5%) permonth; provided, that when the interest allowed by this section would amount toless than fifty cents (50¢), a minimum charge of fifty cents (50¢)per month shall be allowed under the provisions of this chapter; and, provided,further, that no charge for the keeping or storage of any article taken in pawnor pledge by any pawnbroker, under the provisions of this chapter, other thanis provided in this section shall be permitted. Any person violating theprovisions of this section shall be fined not exceeding five hundred dollars($500) and his or her license shall become void.