Pawnshop Loan Quiz
1. Who regulates pawnshops?
A. The federal government
B. The state government
C. Counties and municipalities
2. What is the maximum that a pawnbroker can charge
for interest per month?
A. 2%
B. 5%
C. 10%
3. How long must a pawnbroker wait before selling
property that was not paid off?
A. 30 days
B. 60 days
C. 90 days
4. If the pawned item is broken or lost while in the
possession of the pawnbroker, it is the consumer’s responsibility to
replace the cost of the item.
True
False
5. It is against the law to pledge or sell property
at pawn shop that you do not own.
True
False
