Kansas Statutes 16-719. Loans; interest and charges; amount; term
Terms Used In Kansas Statutes 16-719
- Contract: A legal written agreement that becomes binding when signed.
- Month: means a calendar month, unless otherwise expressed. See Kansas Statutes 77-201
- Pawnbroker: means any person who loans money on deposit or pledge of personal property or other valuable thing, other than intangible personal property, or who deals in the purchase of personal property on the condition of selling the same back again at a stipulated price. See Kansas Statutes 16-706
(a) No pawnbroker shall contract for, charge or receive directly or indirectly on or in connection with any pawnbroker transaction any charges, whether for interest, storage, insurance, service fee, handling, compensation, consideration or expense which in the aggregate are greater than the charges provided and authorized by this act. Any other provisions of law relating to interest, storage and such charges shall not be applicable to any pawnbroker transaction made in accordance with this act.
(b) Whenever any loan is made by a pawnbroker for which goods are received in pledge:
(1) A charge may be added in an amount not to exceed 10% per month or 120% per annum of the amount advanced to the borrower; and
(2) the amount of the loan shall not exceed $5,000.
(c) The term of any loan made under the provisions of this act shall be one month. Loans may be extended or renewed by the payment of the charges herein provided monthly. The charges authorized herein shall be deemed to be earned at the time the loan is made and shall not be subject to refund. On loans under this act, no insurance charges or any other charges of any nature whatsoever shall be permitted.