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 |
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 |