By the Division of Banks

G.L. c. 140, ss. 70 to 85 delegates the licensing of pawnbrokers to cities and towns and requires that cities and towns obtain the Commissioner of Banks' approval of any locally adopted pawnbroker regulations, including provisions to set maximum interest rates.

NO PAWNBROKER MAY LAWFULLY CHARGE AN INTEREST RATE THAT HAS NOT BEEN APPROVED BY THE DIVISION OF BANKS.

The Division of Banks has not approved rates above 36% for amounts greater than $25. The following communities have sought and received the approval of the Division for pawnbroker interest rates.

Town / City

Interest Rate

APR (%)

Approval Date

Andover

3% per month for loans >25

36

03/16/05

Attleboro

3% per month for all loans

36

01/18/11

Beverly

3% per month for loans >$25

36

07/28/03

Boston

3% per month for loans >$25

36

Pre-1990

Bourne

3% per month for loans

36

01/3/11

Brockton

3% per month for all loans

36

05/28/08

Cambridge

Variable rate of 1/4% a week for loans >$100

13

11/13/02

Chicopee

18% per annum

18

02/11/03

Everett

3% per month for all loans

36

04/09/14

Fall River

3% for all loans

36

10/28/10

Fitchburg

3% per month for all loans

36

12/02/09

Haverhill

3% per month for all loans

36

01/04/08

Holyoke

3% per month for all loans

36

05/28/08

Hudson

3% per month for all loans

36

12/02/09

Lawrence

3% per month for loans >$25

36

01/11/02

Lynn

3% per month for all loans

36

12/02/09

Middleborough

3% per month for all loans

36

8/08/11

Milford

2% per month for all loans

24

07/06/06

N. Adams

18% per annum

18

12/05/05

New Bedford

3% per month for all loans

36

02/22/08

Palmer

3% per month for all loans >$25

36

01/04/08

Plymouth

3% per month for loans >$25

36

11/14/03

Quincy

Over $25 to $100 3% per month. Over $100 2% a month.

24

10/23/02

Raynham

3% per month

36

05/13/11

Revere

3% per month for loans >25

36

11/07//00

Salem

3% per month for all loans

36

02/22/08

Salisbury

3% per month for loans >25

36

03/26/04

Somerset

3% per month for loans >25

36

01/23/03

Springfield

3% per month >$101 for a maximum of 4 months

36

07/01/08

Stoughton

3% per month for all loans

36

01/7/11

Taunton

18% per annum

18

05/25/04

Wareham

3% per month

36

06/27/06

Westfield

18% per annum

18

06/23/04

Winchendon

2% per month for all loans

24

11/12/10

Worcester

3% per month>$101 for a maximum of 4 months

12

01/16/04

 

The following cities and towns have sought approval from the Division to set pawnbroker interest rates above 36%. The Division has denied all of these requests. The following communities therefore do not have approved interest rates:

Town / City

Interest Rate

APR (%)

Denial Date

Lowell

5% per month for loans >$25

60

03/21/06