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Committee hears industry-backed bill to raise pawnbroker fees and shorten loan terms
Summary
House Bill 1269 would shorten statutory pawnbroker loan terms from 90 to 60 days, raise the top interest tier from 4% to 5% for loans over $100, standardize document-prep fees and increase optional storage fees; industry witnesses called the changes modest and necessary for business viability, while some senators questioned overall consumer cost impacts.
The committee heard Substitute House Bill 1269 on Feb. 18, a measure proposing multiple changes to the pawnbroker statute: shorten the statutory loan term from 90 days to 60 days, increase the maximum interest rate for loans over $100 from 4% per 30‑day period to 5%, replace a sliding document‑preparation fee with a flat 15% fee for loans of $50 or more, raise optional storage fees (including higher daily storage for firearms) and allow an online payment option for mutually agreed loan extensions.
Industry witnesses, including Tamara…
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