§ 281-19. Payment or renewal
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 63 P.S. Professions and Occupations (State Licensed)
63 P.S. § 281-19
§ 281-19. Payment or renewal
A loan granted under the provisions of this act shall not be repayable in installments.
A pledge taken as security on a loan granted under the provisions of this act may be retained by the pawnbroker until a period of forty-eight (48) hours has elapsed since such pledge was received by the pawnbroker.
A pawnbroker shall, upon receipt of interest and charges, renew a loan for the original amount for a period of eight (8) months after the date of the original loan. Interest and charges on a loan shall not be compounded, nor may the interest or charges be added to the principal balance, when a loan is renewed for an amount greater than the principal amount due at the time of renewal. The pledger shall, however, have the privilege of paying the loan in full at any time subsequent to forty-eight hours after the granting of the loan by payment of principal, interest, and charges authorized under the provisions of this act.
Whenever a loan is renewed, a new pawn ticket shall be furnished to the pledger as required under this act.
Credits
1937, April 6, P.L. 200, § 19. Amended 1963, July 31, P.L. 423, § 2.
63 P.S. § 281-19, PA ST 63 P.S. § 281-19
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
| End of Document |