Interest Rate and Fees

The interest rate charged by pawnbrokers is limited to two percent (2%) per month.  The pawnbroker also may charge a fee not to exceed one fifth (1/5) of the amount of the loan advance for investigating the title, storage, insuring the pledged goods, closing the loan, making reports to local law enforcement officials, and for other expenses, losses of every nature, and all other services.  No other charge of any description may be made by the pawnbroker.  The allowable interest and fee are deemed owing on the date of the pawn transaction and on the same day of each subsequent month.  T.C.A. § 45-6-210.