§ 6-5-110. Maximum interest rates; commissions prohibited.

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No pawnbroker shall ask, demand or receive any greater rate of interest, commission and compensation than the total rate of three percent (3%) per month or fractional part thereof, computed on the amount of money actually advanced; provided, however, that upon the first fifty dollars ($50.00) or any part thereof, there may be made a charge of not to exceed ten percent (10%) per month or fractional part thereof, and provided further than no loan of any amount less than ten dollars ($10.00) shall be made for less than the minimum compensation of one dollar ($1.00) per month or fraction thereof. No other charge shall be made by said pawnbroker upon renewal of any loan or at any other time. Any contract for the payment of a commission by the borrower for procuring the loan on personal property shall be null and void. (Prior code 6.06.11)

                    
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