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(205 ILCS 510/2) (from Ch. 17, par. 4652)
Sec. 2.
It shall be unlawful for any pawnbroker to charge or collect a
greater benefit or percentage upon money advanced, and for the use and
forbearance thereof, than the rate of 3%
per month. Nothing in this Section
shall be construed so as to conflict with the law pertaining to usury and
the person receiving money so advanced may hold such moneys to pay any fees
in addition to interest as herein provided.
Each pawnbroker, when making a loan under this Section, must disclose
in printed form on the pawn contract
the
following information to the persons receiving the loan:
(1) the amount of money advanced, which must be |
| designated as the amount financed;
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(2) the maturity date of the pawn, which must be at
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| least 30 days after the date of the pawn;
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(3) the total pawn interest and service charge
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| payable on the maturity date, which must be designated as the finance charge;
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(4) the total of payments that must be paid to redeem
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| the pledged goods on the maturity date, which must be designated as the total of payments; and
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(5) the annual percentage rate, computed according to
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| the regulations adopted by the Board of Governors of the Federal Reserve System under the Federal Truth in Lending Act.
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Each pawnbroker may contract for and receive
a monthly finance charge including
interest and fees
not to exceed one-fifth of the loan amount,
as set forth herein, for appraising,
investigating
title, storing and insuring the collateral, closing the loan,
making daily
reports to local law enforcement officers including enhanced computerized
reporting, complying with regulatory requirements, and for other expenses
and
losses of every nature whatsoever and for all other services. Such fees,
when made and collected, shall not be deemed interest for any purpose of law.
(Source: P.A. 90-477, eff. 7-1-98.)
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