Bill Text: AZ HB2537 | 2014 | Fifty-first Legislature 2nd Regular | Chaptered
Bill Title: Pawnbrokers; interest; military members
Spectrum: Slight Partisan Bill (Republican 7-4)
Status: (Passed) 2014-04-17 - Chapter 98 [HB2537 Detail]
Download: Arizona-2014-HB2537-Chaptered.html
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House Engrossed |
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State of Arizona House of Representatives Fifty-first Legislature Second Regular Session 2014
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CHAPTER 98
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HOUSE BILL 2537 |
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AN ACT
amending sections 44‑1626 and 44‑1631, Arizona Revised Statutes; relating to pawnbrokers.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 44-1626, Arizona Revised Statutes, is amended to read:
44-1626. Interest; fees; payment; military members
A. A pawnbroker may charge or receive interest at a rate not exceeding eight thirteen per cent per month for the first two months and at a rate not exceeding six eleven per cent per month thereafter. A pawnbroker shall prorate interest on a daily basis and shall not impose an additional charge if the pledgor agrees to pay a loan in monthly installments, except that interest for two months may be charged or received if the pledged goods are redeemed within two months of the pawn transaction.
B. In addition to interest charged pursuant to subsection A of this section, a pawnbroker may charge and collect at redemption or renewal the following fees:
1. A fee that does not exceed five dollars for handling each firearm.
2. If the pledgor loses the pledgor's claim ticket, a fee that does not exceed seven dollars fifty cents.
3. An initial setup fee of not more than five dollars.
4. A storage fee that does not exceed five dollars per month or a portion of a month for each item of pledged goods, other than a vehicle as defined in section 28-101, that exceeds one cubic foot in volume.
5. A vehicle storage fee that does not exceed five dollars per day for each item of pledged goods that is a vehicle as defined in section 28-101.
6. A fee or charge equal to the amount of any fee, tax, imposition or assessment levied or imposed by any governmental agency in connection with or as a result of any reportable transaction. The pawnbroker may collect at the time of any reportable transaction any fee, tax, imposition or assessment that relates to a reportable transaction and that is imposed by a governmental agency.
C. A pawnbroker shall not demand or require payment of a pawn ticket before the maturity date.
D. If a pawnbroker receives a copy of military orders that indicates that a pledgor has been deployed as a member of the Arizona national guard, the United States armed forces reserves or the regular component of the united states armed forces and the member is serving on federal active duty, the pawnbroker must waive any unpaid interest charges and hold the pledged goods until sixty days after the military member returns from deployment.
Sec. 2. Section 44-1631, Arizona Revised Statutes, is amended to read:
44-1631. Violations; classification
A. A person who knowingly violates section 44-1622 is guilty of a class 1 misdemeanor.
B. A person who violates section 44-1623, 44-1624 or 44-1625, section 44-1626, subsection B, or C or D or section 44-1630 is guilty of a class 1 misdemeanor.
C. A person who knowingly charges and collects interest at a rate that is greater than permitted under section 44-1626, subsection A is guilty of a class 6 felony.
D. A person who violates section 44-1627 is guilty of a class 6 felony.
APPROVED BY THE GOVERNOR APRIL 17, 2014.
FILED IN THE OFFICE OF THE SECRETARY OF STATE APRIL 18, 2014.
