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    No pawn loan could be more than $11,000, for which the maximum annual rate was 12 percent

    No pawn loan could be more than $11,000, for which the maximum annual rate was 12 percent

    Oklahoma also had 240 percent as the maximum annual rate, but for loans of $1 to $150

    The pawnshop industry has long been an extensively regulated activity. States determined the process to be followed in applying for a pawnshop license, what records had to be maintained and whether the local police could inspect them or whether transactions had to be reported to local law enforcement officials, how old a customer must be to be served, and “ What hours the business could be open. States also established the range of loan amounts and the maximum annual service charge for each range. In Texas, for example, in 1997, the most a pawnshop could charge was 240 percent per annum, and that only for loans of $1-$132. Loans in that state could not exceed $25,000, with www.installmentloansgroup.com/installment-loans-sc/ a maximum annual rate for that amount of 36 percent. Other states, including Florida and Georgia, allowed a maximum of 25 percent of the loan for each 30-day period of the transaction, with no breakdown by loan amount.

    Growing Fast, 1990-95

    By 1990, Cash America was operating 123 company-owned locations.