Gilmore v. Pawn King, Inc.

Summary

The court answered three certified questions concerning fees charged in pawnbroker repurchase transactions. It held that the current pawnbroker interest-rate statute governs traditional pawnbroker loans, not repurchase agreements, because the legislature removed language covering indirect interest and repeatedly distinguished loans from repurchase transactions. The court further held that repurchase agreements are indirect loans subject to the general usury statute and its lower interest-rate cap.