910.1 Except as provided in § 910.2, the maximum rates of interest which a pawnbroker may contract for and receive are as follows:

(a) Five percent (5%) per month, or fraction of the month, on the first five hundred dollars ($ 500);

(b) Four percent (4%) per month, or fraction of the month, on the next five hundred dollars ($ 500); and

(c) Twenty-four percent (24%) per annum on loans of more than one thousand dollars ($ 1,000).

910.2 The pawnbroker may exercise an option to receive a charge of two dollars ($ 2.00) per month instead of interest.

910.3 The interest rates established in §§ 910.1 and 910.2 shall be computed on the maximum amount of the loan.

910.4 No person shall break a loan down into two (2) or more parts for the purpose of applying the maximum interest rate for loans smaller than the total amount borrowed.