2021 Senate Bill 405

Increase allowable pawnbroker interest rate

Introduced in the Senate

April 29, 2021

Introduced by Sen. Michael MacDonald (R-10)

To increase the maximum interest rate a pawnbroker may charge on merchandise-backed loans from 3% per month to 4% per month, and make charging more a civil offense subject to a $5,000 fine.

Referred to the Committee on Regulatory Reform

June 17, 2021

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

Oct. 5, 2021

Passed in the Senate 24 to 10 (details)

Received in the House

Oct. 5, 2021

Referred to the Committee on Regulatory Reform

Feb. 22, 2022

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Referred to the Committee on Rules and Competitveness

March 24, 2022

Reported without amendment