Amendment status not verified — confirm the current text below against the official source.
Interest chargeable by pawn broker- (l)No Pawn Broker shall charge interest on any loan at a rate exceeding by more than two percent the rate charged by commercial banks on similar loans granted by them. (2) No Pawn Broker shall demand or take any gifts, articles, commission, charges or amount under any name whatsoever from the pawner while advancing a loan in terms of this Act, other than the interest. (3) The total interest payable on a loan shall not exceed the quantum of the principal.