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INTERPRETIVE LETTERS - PAWNBROKERS LICENSE ACT

The Department of Banking and Securities uses interpretive letters to provide guidance and clarification of its position on an issue at the time. You should contact your attorney for legal advice regard the Pawnbrokers License Act.

01/30/07
Use of Debit or Credit Cards to Pay Off or Renew Collateral Loans
This letter states the department’s position regarding whether a licensee under the Pawnbrokers License Act, may accept a customer’s debit or credit card to pay off or renew a collateral loan made under the PLA (“PLA Loan”)