Arizona-Specific Pawn Shop Requirements
The Military Lending Act
A federal law was passed on July 21st, 2015 and was expanded on October 3, 2016 to limit the amount of interest and all other charges to 36% (thirty-six percent) for active military personnel, active-duty Guard or Reserve forces, spouses and their dependents. Pawn-shop owners and employees are required to access the DMDC and enter customers' names, dates of birth, and SSN's to receive a "verified certificate" of their military status, which must retained in records.
Arizona Regulations
In Arizona, a loan must be paid off in 3 months but a longer term is allowed with the consent of both parties in writing.
A pawner must be 18 or older.
Items with manufacturers' serial numbers removed cannot be pawned.
The pawner must present identification that satisfies the requirements of AZ law section 44-1625.
The pawn shop must keep pawned items at the place of business or at a location approved by local law enforcement.
Records of all reportable transactions must be kept at the place of business for at least 2 years after the date of the transactions, including receipts, pawn tickets and required alcohol, tobacco and firearms logs.
Pawn shops are subject to inspection by local law enforcement.
The pawn shop can resell or keep pawned item(s) one day after the load period.
Unlike many states AZ pawnbrokers are not required to provide notice of delinquencies or intent to sell or keep property.
Shops cannot force a pawner to repay the loan prior to the due date.
Each state controls the maximum amount of interest that can be charge. The maximum rate for Arizona is 8% for the first 2 months and 6% for each month thereafter.
These fees may be imposed in addition to loan interest:
Pawnbroker Pawn Shop Software has provisions for storing interest and fee settings in the program and applying them automatically and correctly.
Pawn Tickets in Arizona
Pawn tickets may be printed on copy paper or on preprinted pawn forms.
Plain paper pawn tickets require any ink printer and a software program that is configured for printing on 8.5 x 11 paper stock.
Preprinted pawn forms are available from Burrell Printing, http://www.burrellprinting.com/products/search
The disadvantages of preprinted pawn forms are the added expense and the waste that occurs when changes are required.
Pawn shops dealing in autos, gold, second-hand reselling, check cashing and payday loans may need a program (like Pawnbroker Pawn Shop Software) that can print such forms.
The State of Arizona may have more complete and current information. Please submit suggestions by sending an email.
Most pawn-software programs require a monthly or annual support fee with provisions for forcing those payments to be made: Support in any form may be withheld. The software might be disabled or essential software updates will be denied. Not here.
In Arizona, pawn tickets print on plain paper using an ink printer - another big savings over more costly preprinted pawn forms.
We won't accept payment for the software until you have determined for yourself that the program does all that is required and works as expected. The demo is free so just click on the Download Button to get started!