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Samuel-II
Samuel-II, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 27009
Experience:  Practice of law for 20 years
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I paid interest on a item I had pawned a while back, the

Customer Question

I paid interest on a item I had pawned a while back, the ticket was expired but the pawn shop people let me pay, for the interest because they said they still had the item.. I went in yesterday to pick it up and pay the total loan amount I borrowed and they tell me they can find it. That the only thing they can do is return my interest I paid!? Is this legal or can I sue??
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Samuel-II replied 1 year ago.

Hello

This is Samuel and I will discuss this and provide you information in this regard.

I am sorry to hear of your situation.

The CA statutes governing Pawn Shops - which you can read entirely at this LINK says the shop only need to retain the property for 4 months. And so, unfortunately, unless you got a written extension on the loan for your property, I suggest, you would not have any legal recourse. I suggest, getting refund on the interest paid is the best you can hope for.

21201. Every loan made by a pawnbroker for which goods are received in pledge as security shall be evidenced by a written contract, a copy of which shall be furnished to the borrower. The loan contract shall provide a four-month loan period, shall set forth the loan period and the date on which the loan is due and payable, and shall clearly inform the borrower of his or her right to redeem the pledge during the loan period. Every loan contract shall contain the following notice, in at least 8-point boldface type and circumscribed by a box, immediately above the space for the borrower's signature:

"You may redeem the property you have pledged at any time until the close of business on ____ [fill in date four months from date loan begins]. To redeem, you must pay the amount of the loan and the applicable charges which have accrued through the date on which you redeem."

Every pawnbroker shall retain in his or her possession every article pledged to him or her for a period of four months.

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