1. A pawnbroker may charge and receive interest at the rate of 13 percent a month for money loaned on the security of personal property actually received in pledge, and a person shall not ask or receive a higher rate of interest or discount on any such loan, or on any actual or pretended sale or redemption of personal property. For any loan made, a pawnbroker may make an initial charge of $5 in addition to interest at the authorized rate. 2. All personal property must be held for redemption for at least 90 days after the date of pledge with any pawnbroker. 3. A pawnbroker shall give to the person securing the loan a printed receipt clearly showing the amount loaned and rate of interest, together with a description of the pledged property. The receipt must be marked in such a manner that the amounts of principal and interest paid by the person securing the loan can be clearly designated. Each payment must be entered upon the receipt, and each entry must designate how much of the payment is being credited to principal and how much to interest, with dates of payments shown thereon. 4. A pawnbroker shall not charge more than $3 per day for the storage of a motor vehicle which is collateral for a loan.
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