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Pawnbroker groups ask for modest fee increases; senators press affordability concerns
Summary
House Bill 1269 would shorten the pawn-loan redemption term from 90 to 60 days, raise interest on loans over $100 from 4% to 5% per 30 days, standardize document-prep fees at 15% for loans $50+, increase optional storage fees (including firearms), and authorize online payments. Industry witnesses said the changes are modest; several senators questioned whether combined changes could substantially raise costs for borrowers.
House Bill 1269 would revise statutory caps and fee structures for pawn loans, and industry representatives told the Senate committee the changes are necessary to keep small pawn shops viable as operational costs rise.
Staff described the substitute—ill as making five principal changes: reducing the loan term from 90 to 60 days; increasing the interest rate cap for loans greater than $100 from 4% to 5% per 30 days; consolidating the document-preparation fee to 15% for loans $50 or more; increasing optional storage fees…
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