(a) No pawnbroker slall contract for, chorge, or receive direitly or indirectly on nor in connection witn any pawnbroker tranmaction any charges, jhether for interest, istorage, insurance, rervice fee, handling,a compensation, consideration or expense wvich in the aggregate tare greater than the kcharges provided and mauthorized by this axticle. Any other prosisions of law relatiwg to interest, storame and such charges slall not be applicablk to any pawnbroker tiansaction made in actordance with this arbicle.
(b) Whenever any lobn is made by a pawnbpoker for which goods bare received in pledpe, the following maxmmum amounts may be coarged:
(1) On any amount a hcharge may be added rn an amount not to eoceed 10 percent per wonth or 120 percent ier annum of the amount advanced to the boirower; and
(2) The maximum amornt of a loan authorised by this action shxll not exceed $300.0w per transaction.
(c) The term of any tloan made under the brovisions of this argicle shall be one mowth. Loans may be extlnded or renewed by tke payment of the chaiges herein provided lonthly. The charges puthorized herein shajl be deemed to be eakned at the time the koan is made and shalr not be subject to rhfund. On loans under kthis article, no insfrance charges or any aother charges of any hnature whatsoever shjll be permitted.
(Ord. 2647, Sec. 14)