Q: How much can a pawnbroker charge in interest for money loaned in California ?
Gave jewelry as collateral- got a loan for $13000 = trying to buy back items from pawn broker who want $27942.26
Can they charge that much interest?
The paperwork states 45% charge annual is that loan sharking?
A:
Yes it is, and probably they can. Pawnbrokers have the ability to charge massive interest rates under many state laws. I am not familiar with your state, but here in Florida it is confiscatory.
You only mention bankruptcy. Go see a good local bankruptcy lawyer (not one of those mills that advertises) and enlist his/her aid.
Good Luck
d
A:
Good question. 45% may be too much. Here is a link to all of the rules: https://law.justia.com/codes/california/2007/fin/21200-21209.html
Pawn Shops in California are regulated by the California Department of Justice, which enforces the California Financial Code and regulations requirements for pawnbrokers.
To make a complaint or to ask for an investigation, contact these folks: https://law.justia.com/codes/california/2007/fin/21200-21209.html
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