§ 9:1213. Pawn transaction maximum rate.

A person licensed as a "pawnbroker" pursuant to R.S. 37:1751 et seq., and holding a permit issued pursuant to this chapter, may charge a maximum rate of interest of ten (10) percent per month on pawn transactions. In addition to the interest charged on loans, the pawnbroker may charge a one-time ten (10) percent charge for all other services. Any transaction whereby property is transferred to the pawnbroker and later redeemed by the previous owner shall be considered a loan for the purpose of this section. Interest rates and other service charges shall be posted, in letters at least two (2) inches high, where they can be easily read by the general public.

(Ord. No. 9407, § 1, 3-11-92)