Table I

CHECK CASHING OUTLETS *

Maximum Fees Allowed

State	Government Checks	Paychecks from Business	Personal Checks
Alabama	Legality of check cashing outlets currently in COURTS
Arizona	3% of Face Value of Check or $5 whichever is larger	Same Fee	Same Fee
California	3% with identification 3.5% without identification	Same Fee	12% of face value
Colorado	No state regulation
Connecticut	1% state welfare checks	2%	2%
Delaware	2% of face value or $4 whichever is larger	2% of face value or $4 whichever is larger	2% of face value or $4 whichever is larger
Florida	Maximum 4% fees
Georgia	3% discount off face value OR minimum fee of $5
Hawaii	$10 fee to setup account 3% or $5 whichever is larger	$10 fee to setup account 5% or $5 whichever is larger	$10 fee to setup account 10% or $5 whichever is larger
Indiana	10% of face value or $5 whichever is larger	10% of face value or $5 whichever is larger	10% of face value or $5 whichever is larger
Louisiana	1% for individuals over 62 / 2% for individuals under 62 / applies only to instate residence	5% discount off face value OR minimum fee $5	10% discount off face value OR $5 minimum fee
Maine	Public Assistance & Soc. Security 3% with identification; 4% without or $5	5% of face value; 6% of face value without identification	10% of face value or $5 whichever is larger
Maryland	Max Fee $2 or 1 ½% of face value	Max Fee $2 or 1 ½% of face value	Max Fee $2 or 1 ½% of face value
Minnesota	3% of value of check plus allowable service fee	3% of value of check plus allowable service fee	3% of value of check plus allowable service fee
Mississippi	no explicit restrictions-state has usury law maximum of 18%	no restrictions on fees	no restrictions on fees
Nevada	Commissioner of Banking to establish allowable fees
New Jersey	1 ½% on Soc. Sec. Checks; 1% on AFDC checks or 90¢ whichever is larger	2% of face value of check or 90¢ whichever is larger	2% of face value of check or 90¢ whichever is larger
New York	1.4% of face value of check or 60¢ whichever is larger	1.4% of face value of check or 60¢ whichever is larger	1.4% of face value of check or 60¢ whichever is larger
North Carolina	2% off face value
Ohio	3% of face value for state & federal gov’t.	No restrictions
Pennsylvania	2.5% on Govt. checks	3% on payroll checks	10% on personal checks
Rhode Island	3% or $5 whichever is larger	5% or $5 whichever is larger	10% of face value or $5 whichever is larger
South Carolina	2% off face value	5% discount off face value	10% discount of face value
Tennessee	3% off face value or $2 fee whichever is greater	5% discount of face value	10% discount of face value
West Virginia	1% of face value of $1 whichever is larger	1% of face value of $1 whichever is larger	1% of face value of $1 whichever is larger

* The information provided in this table was gathered from telephone interviews with staff of state banking commissioners in each state, and from state legal codes.

Table II

PAYDAY LENDING *

Maximum Allowable Interest & Fees

State ***	Maximum Allowable Time Period on Loan **	Interest Rate per period	Maximum size of Loan	Is Loan Renewable?
Arizona	31	10% per year or any interest that both parties agree to in writing		NO
California	30	25	300	NO
Colorado	30	25	500	YES
Florida	30	10	No limit	NO
Hawaii	31	15% fee	300	NO
Iowa	30	15% to $100 10% on amount over $100	500	YES
Kansas	30	Scale of fees	780	YES
Kentucky	60	$15 per 100 for 14 days	500	YES
Louisiana	60	For residence 16.75%	350	YES
Mississippi	30	18%	400	NO
Missouri	10 months	$15 per 100 per month	500	NO
Nebraska	31	$15 per 100	500	NO
Nevada	Commissioner of Banking Establishes Fee Schedule
New York	Per Year	25%
North Carolina	31	15% per month	300	YES
Ohio	6 months	5% per month + fees		YES
Oklahoma	30	20%	101	100
South Carolina	31	10%	500	YES
Tennessee	31	15%	500	YES

* This data was gathered from telephone interviews with staff of state bank commissioners in various states, from the consumer affairs staff in the attorney general’s office in states identified and from state legal codes.

** The term of most loans actually transacted is either 7 days or 14 days.

*** The following states do not have separate legislation on payday lending but allow it under their state small loan act. These state acts provide no maximum allowable rate. Some of the states allow CCO’s to operate within their states (*) others do not (**). If CCO’s do not operate within state stand alone small loan firms and/or banks provide payday loans. Delaware **; Idaho *; Illinois **; Montana *; New Jersey **; New Mexico *; North Dakota *; Oregon *; South Dakota *; Wisconsin *. In addition under federal legislation out of state firms may provide loans not allowed to instate firms.

*** Some states have laws that explicitly prohibit payday loans through small loan law or check cashing acts. These states all have maximum small lending cap rates for loans given for institutions that are licenses or chartered within the state. It is important to note that these laws are not effective at prohibiting loans given by out of state providers within their state. [(Alaska (36%); Arkansas (17%); Connecticut (28+%); Maine (30%); Maryland (33%); Massachusetts (40%); Michigan (25%); New Hampshire (24%); Pennsylvania, (24%); Rhode Island (36%); Texas (32%); Vermont (24%); Virginia (36%).]

Table III

PAWN BROKERS

State	Maximum interest rate on loan outstanding one month	Maximum fees on loan outstanding one month		Maturity Period	Minimum Grace Period	Ownership of surplus on sale of merchandise	Loan size
Alabama	25%	25% Max. includes fees		30	31	Pawn Broker
Alaska	No maximum fee restrictions			No restrictions
Arizona	6% per month for first two months. Rate may not exceed 3% per month thereafter. · No compounding of interest allowed	$5 set up fee $5 per month storage fee		30	31	Pawn Broker
Arkansas	Usury law restrictions make institution unviable **
California	2 ½% per moth on portion of loan $225 or less 2% per month on portion of loan between $225 and $900 1 ½% per month on portion $900 to $1650 1% on portion above $1650 One month’s interest may be charged for any portions of month for which it is outstanding			60	60	Owner
Colorado	No state legislation ***
Connecticut	Loans $15 < 5% per month; $15-$50 3% per month $50 > 2% per month			30	30	Pawn Broker
Delaware	No state legislation ***
Florida	2%	Not to exceed 20% of value of loan		30 days; interest & fees for 30 day period	30	Pawn Broker
Georgia	25% max. for interest & fees Beyond 30 days max. interest 12.5% per month or $5 whichever is larger			30; renew- able to 90 days
Hawaii	No state legislation ***
Idaho	No state legislation ***
Louisiana	10%	10%					$200
Illinois	No state legislation ***
Indiana	Yearly rates maximum are: 36% on loans $930 < 21% $930<$3100 15% on portion > $3100; average rate on loan not to exceed 21% · Interest cost is not to be deducted from face of loan	Fees limited max. 20% per month		30	30	Pawn Broker
Iowa	No state legislation ***
Kansas	2% per month	fees not to exceed 20% per month within this fee a 3 ½% storage fee allowed		30	30	Pawn Broker
Maine	No state legislation ***
Maryland	No state legislation ***
Massachusetts	No state legislation ***
Michigan	No state legislation ***
Minnesota	No state legislation ***
Mississippi	25%	no additional fees allowed		30	30	Pawn Broker
Missouri	No state legislation ***
Nebraska	No state legislation ***
Nevada	10% per month	Initial charge $5/storage charge limited to $3 per day		30	30	Pawn Broker
New Hampshire	Nothing
New Jersey	3% per month	no other charges allowed except as permitted by commissioner of banks		30	30	Pawn Broker
New York	3% per month or fraction thereof	may charge “reasonable fees”		Length of loan limited to 15 months		Pawn Broker
North Carolina	2%	20% max. fees plus fee for returned check		not less than 30 days	60; pawns must be renewable	Pawn Broker
North Dakota	No state legislation ***
Ohio	5% per month · No compounding of interest allowed			storage fees limited to $2 per month
Oklahoma	No state legislation ***
Oregon	3% per month or $3 whichever is greater		10% set up fee (minimum charge $2; maximum charge $100; storage fee up to 2% per month; minimum charge $2		30	Pawn Broker
Pennsylvania	No state legislation ***
Puerto Rico	No state legislation ***
Rhode Island	5% per month first three months for amount exceeding $50; 2 ½% on amount for time period exceeding 3 months			30	30	Pawn Broker
South Carolina	$2.50 for each $10 loaned up to $50 $2 for each $10 loaned between $50-100 $1.50 for each $10 loaned between $100-200 $1 for each $10 loaned between $200-1000 $.50 for each $10 loaned between $1000-2000			30	60	Pawn Broker
South Dakota	No state legislation ***
Tennessee	2%			20% max. fee	30	50 days unless contract calls for "immediate repayment"
Texas	No state legislation ***
Utah	No maximum interest rate or fee schedule				30	30
Virginia	10% per month on loans 25% </7% on loans $25 < $100/5% on loans of more than $100	Storage 5% of face value of household goods; other loans 2% per month for first three months			1 month may be renewed	Owner
Washington	No state legislation
West Virginia	No state legislation
Wisconsin	No state legislation
Wyoming	No state legislation

* Note Pawn loans are discount loans, interest and fees subtracted from face value of loan

** Current law at the Federal level would allow out of state firms to provide pawn loans

*** States that do not have state legislation usually allow pawn shops to operate under county or city regulation.