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Committee hears testimony from pawnbrokers who back small increases to fees, shorter loan term
Summary
Pawnbrokers and industry groups urged the Consumer Protection & Business Committee to pass House Bill 1269, which would shorten loan terms and raise certain fees and rates; the bill drew substantial industry testimony on Jan. 21.
The Consumer Protection & Business Committee held a public hearing Jan. 21 on House Bill 1269, a bill that would change pawnbroker loan rules by shortening loan terms, increasing certain fees and allowing online payments for renewals.
Megan Mulvihill, staff to the committee, summarized the bill: current statutory loan terms of 90 days would decrease to 60 days; the interest rate for loans of $100 or more would increase from 4% to 5% for each 30‑day period; the document preparation fee for loans of $50 or more would be set at a flat 15% (removing the current sliding scale that decreases the percentage as loan size increases); and the…
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