Pawn and resale transactions are printed on plain 8.5 x 11 paper, or they may be printed using Burrell forms. The obvious downside to prepared forms is that unused forms must be discarded (wasted) when even the smallest of changes are required, either in legal statutes or store policies.
There are editable forms for 2nd-hand purchases and resales, including autos, jewelry, cashing checks and payday loans.
Reporting to the police and/or L.E.A.D.S is a simple process that can be accomplished from within the software electronically or they may be printed for hand delivery.
Repetitive information is stored in the program so things like customer information, interest rates, loan periods, fees, ticket wording, tax and categories can be automatically applied.
More advanced features in the higher-end editions of the program include the scanning of licenses (for populating new-client records), barcodes (for finding inventory items and for filling sales invoices with item information), web cameras and fingerprinting.
Pricing and Policies
There are no prepaid fees for support so if support is never used, money will be saved..
The federal government limits the amount of fees and interest that can be charged to those in the military (and their dependents) to 36% (thirty-six percent) APR. Pawn shops must search the DMDC for active-duty certification and must retain the results.
Pawnbroker Pawn Shop Software meets the requirements of the Pawnbroker Regulation Act (205 ILCS 510) for record requirements:
"Except in municipalities located in counties having 3,000,000 or more inhabitants, every pawn and loan broker shall keep a standard record book that has been approved by the sheriff of the county in which the pawnbroker does business. In municipalities in counties with 3,000,000 or more inhabitants, the record book shall be approved by the police department of the municipality in which the pawn or loan broker does business."
"Pawnbrokers and their associations may lawfully give appropriate governmental agencies computer equipment for the purpose of transferring information pursuant to this Act." (Source: P.A. 99-188, eff. 1-1-16.)
Primarily the amount of interest and fees cannot exceed 1/5th (20%) of the amount of the loan.
Each pawnbroker must deliver a printed a disclosure contract to the pawner with this info:
- The amount of the load shown as 'Amount Financed
- The maturity date of the loan (minimum of 30 days after the pawn date)
- The total of service charges and interest designated a 'Finance Charge'
- The redemption total listed as 'Total of Payments'
- The APR (annual percentage rate) based upon the Federal Truth in Lending Act
In addition, section 2 of the Act must be printed in English and framed and posted in a 'prominent and conspicuous' place in the business.