Holyoke- City Councilor Kevin Jourdain announced today that the Division of Banks after a recent public hearing has approved the new ordinances related to Pawnbrokers sponsored by Councilor Jourdain. The new ordinance among other provisions also includes a provision capping interest rates that can be charged to customers to 36% per year. Prior to the ordinance, pawnbrokers were allowed to charge as much as they wanted and many in the industry have been known to charge as much as 60-80% interest.
"I am happy that Holyoke was able to put in place reasonable new limits to make sure that customers, many of whom are lower income, from being exploited and I thank the Division of Banks for approving the Common Sense reforms I put forward."
For more information on this new law, please feel free to contact me anytime.
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