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Approved pawnbroker regulations and interest rates

Massachusetts General Laws, chapter 140, sections 70 to 85 delegates pawnbroker licensing to cities and towns. Cities and towns require approval from the Commissioner of Banks for locally adopted pawnbroker regulations, including maximum interest rates.

No pawnbroker may lawfully charge an interest rate that has not been approved by the Division of Banks (DOB).

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

Approved pawnbroker interest rate table

Town / City Interest Rate APR (%) Approval Date
Andover 3% per month for loan >$25 36 3/16/2005
Attleboro 3% per month for all loans 36 1/18/2011
Beverly 3% per month for all loans >$25 36 7/28/2003
Boston 3% per month for all loans >$25 36 Pre-1990
Bourne 3% per month for all loans 36 1/2/2011
Brockton 3% per month for all loans 36 5/28/2008
Cambridge Variable rate of 1/4% a week for loan >$100 13 11/13/2002
Chicopee 18% per annum 18 2/11/2003
Everett 3% per month for all loans 36 4/9/2014
Fall River 3% for all loan 36 10/28/2010
Fitchburg 3% per month for all loans 36 12/2/2009
Haverhill 3% per month for all loans 36 1/4/2008
Holyoke 3% per month for all loans 36 5/28/2008
Hudson 3% per month for all loans 36 12/2/2009
Lawrence 3% per month for all loans >$25 36 1/11/2002
Lynn 3% per month for all loans 36 12/2/2009
Middleborough 3% per month for all loans 36 8/8/2011
Milford 3% per month for all loans 36 7/6/2006
North Adams 18% per annum 18 12/5/2005
New Bedford 3% per month for all loans 36 2/22/2008
Palmer 3% per month for all loans >$25 36 1/4/2008
Plymouth 3% per month for all loans >$25 36 11/14/2003
Quincy Over $25 to $100 3% per month. Over $100 2% per month. 24 10/23/2008
Raynham 3% per month for all loans 36 5/13/2011
Revere 3% per month for all loans >$25 36 11/7/2000
Salem 3% per month for all loans 36 2/22/2008
Salisbury 3% per month for all loans>$25 36 3/26/2004
Somerset 3% per month for all loans >$25 36 1/23/2003
Springfield 3% per month for all loans 36 7/1/2008
Stoughton 3% per month for all loans 36 1/7/2011
Taunton 18% per annum 18 5/25/2004
Wareham 3% per month 36 6/27/2006
Westfield 18% per snnum 18 6/23/2004
Winchendon  2% per month for all loans 24 11/12/2010
Worcester 3% per month >$101 for a maximum for 4 months 12 1/16/2004

The following cities and towns have sought approval from the DOB 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 3/21/2006

 

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