Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Pawn industry urges lawmakers to raise fees and allow online payments as costs climb; committee hears House Bill 1269
Summary
Owners of small and multi-store pawn businesses testified in favor of House Bill 1269, which would shorten pawn-loan terms from 90 to 60 days, raise interest and storage fees, cap document-preparation fees, and allow online repayments; committee discussion centered on consumer protections and business viability.
Clint McCarthy, committee staff, briefed House Bill 1269 on March 13. The bill would: reduce the statutory pawn-loan term from 90 days to 60 days; increase the maximum interest rate for loans of $100 or more from 4% per 30-day period to 5% per 30-day period; raise storage and firearm-storage fees from $5 to $10 per 30-day period; cap loan-document-preparation fees at 15% for loans of $50 or more; and permit borrowers to repay pawn loans through online services.
Committee members asked staff to display existing fee schedules and to clarify how preparation fees are calculated (the bill would replace the existing graduated percentage schedule with a…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
