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HOUSE DOCKET, NO. 1239         FILED ON: 1/20/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1197

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Peter J. Koutoujian

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act regulating the rate of interest charged by a pawn broker.

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PETITION OF:

 

Name:

District/Address:

Peter J. Koutoujian

10th Middlesex


HOUSE DOCKET, NO. 1239        FILED ON: 1/20/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1197

By Mr. Koutoujian of Waltham, petition (accompanied by bill, House, No. 1197) of Peter  J. Koutoujian relative to regulating the rate of interest charged by a pawn broker.  Financial Services.


The Commonwealth of Massachusetts
 

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In the Year Two Thousand Eleven

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An Act regulating the rate of interest charged by a pawn broker.
 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              SECTION 1.  Chapter 140 of the General Laws is hereby amended by striking out section 72, as appearing in the 2008 Official Edition, and inserting in place thereof the following section:--

              Section 72.  The authorities which issue such licenses may, subject to section 78, fix the rate of interest which such pawnbrokers may receive on loans, and may fix different rates which may be received for different amounts of money lent; provided, that the rate of interest set by such authorities shall not be in excess of an annual percentage rate of thirty-six per cent.  No licensed pawnbroker shall charge or receive a greater rate of interest than that so fixed.  Any such pawnbroker who violates any provision of this or the preceding section shall be punished by a fine of not more than fifty dollars.

              SECTION 2.  Said chapter 140 is hereby further amended by striking out section 78, as so appearing, and inserting in place thereof the following section:--

              Section 78.  The authorities who grant licenses to pawnbrokers shall establish regulations, subject to the approval of the secretary of public safety and security, relative to the business carried on and the rate of interest to be charged by them, and a pawnbroker shall not charge or receive upon any loan a greater rate of interest than that fixed by the licensing authorities.

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