Pawnbrokers, title pledge lenders and check cashers; reduce maximum rate of interest that may be charged for services.

Summary

The bill limits the annual percentage rate that pawnbrokers, title‑pledge lenders, and check‑cashing businesses may charge to 25% of the unpaid principal or check face amount. It adds notice requirements for credit‑card processing fees at pawnshops and outlines how title‑pledge loans can be extended without exceeding the cap. Any charge above the limit would be void, protecting consumers from excessive fees.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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