                                 CODE OF VIRGINIA

INTEREST CHARGEABLE (§ 54.1-4008)

A. No pawnbroker shall ask, demand or receive a greater rate of interest than
ten percent per month on a loan of $25 or less, or seven percent per month on a
loan of more than $25 and less than $100, or five percent per month on a loan of
$100 or more, secured by a pledge of tangible personal property. No loan shall
be divided for the purpose of increasing the percentage to be paid the
pawnbroker. Loans may be renewed based on the original loan amount. Loans may
not be issued that compound the interest or storage fees from previous loans on
the same item.

B. An annual percentage rate computed and disclosed under the provisions of the
federal Truth-in-Lending Act shall not be deemed a violation of this section.

HISTORY: Code 1950, § 54-850; 1983, c. 238; 1988, c. 765; 1998, c. 848; 1999,
c. 327.