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Mississippi Code Title 75. Regulation of Trade, Commerce and Investments § 75-67-313

Current as of January 01, 2025 | Updated by Findlaw Staff

(1)(a) A pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, cost and losses of every nature not to exceed twenty-five percent (25%) of the principal amount, per month, advanced in the pawn transaction.

(b) The provisions of paragraph (a) of this subsection shall not include the fee charged by a third-party processing company for the use of a debit or credit card. Pawnbrokers shall be allowed to pass the third-party processing company's fee on to the customer if the pawnbroker provides clear and conspicuous notice to all customers that such fee will be applied to the debit and credit card transactions. Said notice must be posted at the point of entry and point of sale and must include:

(i) The amount of the fee;

(ii) That the fee is for the use of a debit or credit card; and

(iii) The type of payment method to which the fee applies.

(c) The amount of the fee identified in the provisions of paragraph (b) of this subsection shall be limited to the single transaction cost charged by the third-party processor to the pawnbroker for the use of a credit or debit card.

(2) Any interest, charge, or fees contracted for or received, directly or indirectly, in excess of the amount permitted under subsection (1) of this section shall be uncollectible and the pawn transaction shall void. The pawnshop charge allowed under subsection (1) of this section shall be deemed earned, due and owed as of the date of the pawn transaction and a like sum shall be deemed earned, due and owed on the same day of the succeeding month.

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Cite this article: FindLaw.com - Mississippi Code Title 75. Regulation of Trade, Commerce and Investments § 75-67-313 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-75-regulation-of-trade-commerce-and-investments/ms-code-sect-75-67-313/

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