1. (A) No pawnbroker may charge or collect any fees, costs, or assessments of any kind or nature other than those specifically allowed under this chapter.

2. (B) A person who makes a pawn transaction in violation of this chapter:

   1. (1) may not collect, receive, or retain any interest or charges on the loan in violation of this chapter; and
   2. (2) has no right to possess the pledged goods.

HISTORY: 1988 Act No. 491, SECTION 2; 2016 Act No. 262 (H.4090), SECTION 7, eff June 9, 2016.

Effect of Amendment

2016 Act No. 262, SECTION 7, inserted paragraph designator (A), and added (B), relating to violative pawn transaction ramifications.