Rates of Interest

Sec. 21-44. Rates of interest. No pawnbroker or person who loans money on the deposit or pledge of personal property shall take or receive, for the use of money loaned on personal property, any more than the following rates: For the use of money amounting to fifteen dollars or less, five per cent per month or fraction thereof; for the use of money exceeding fifteen dollars in amount and not exceeding fifty dollars in amount, three per cent per month or fraction thereof; for the use of money exceeding fifty dollars in amount, two per cent per month or fraction thereof.

(1949 Rev., S. 4669; P.A. 97-164, S. 5.)

Pawnbroker does not violate section until he actually receives the unlawful interest. 63 C. 385. Discrimination in rate of interest allowed pawnbrokers is proper. 82 C. 234; 83 C. 1; 218 U.S. 5; Id., 563. Cited. 120 C. 664; 123 C. 95. Applies to repurchase transactions. 201 C. 89. Section governs rates of interest and not rates pawnbrokers may charge in connection with repurchase agreements; the latter rates are subject to limits imposed by Sec. 37-4; holding in 201 C. 89 legislatively overruled by enactment of P.A. 97-164. 313 C. 535.

To learn more visit, https://www.cga.ct.gov/current/pub/chap_409.htm

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