Illinois Pawn Shop Software
Built for HB 779

Illinois pawn law changed in 2024: HB 779 (Public Act 103-0585) replaced the old flat 3% monthly cap with tiered finance charges — 20% under $500, 16.67% from $500 to $1,500, 12.5% from $1,500 to $5,000, and 5% at $5,000 and above — alongside a 30-day grace period after maturity, 24-hour law-enforcement reporting and 3-year record retention. Most pawn software still hasn't caught up; PawnSmarts is pre-configured for Illinois, applying HB 779's tiered charges automatically, tracking the grace period, and holding three years of history — all without you touching a settings screen.

Illinois's tiered finance charges: four different rates

Illinois's 2024 HB 779 (Public Act 103-0585), signed March 22, 2024, replaced the old flat 3% monthly interest cap with a tiered finance-charge system. The maximum monthly finance charge now depends on the size of the loan:

The 30-day grace period

Illinois law provides a 30-day grace period after a pawn loan's maturity date, during which the pledgor can redeem the item without additional fees. That means your software has to track three dates on every loan: the transaction date, the maturity date (typically 30 days out), and the end of the grace period (30 days after maturity).

PawnSmarts calculates all three from the transaction date the moment you write the ticket:

• Transaction date — e.g. January 1
• Maturity date — 30 days later, e.g. January 31
• Grace period — the 30 days after maturity, e.g. February 1–March 1
• Forfeiture — flagged after the grace window closes, roughly 60 days from the transaction

24-hour law-enforcement reporting

Illinois requires pawnbrokers to report transaction information — property descriptions, customer ID details, loan amounts and dates — to local law enforcement within 24 hours. The exact submission method varies by municipality. PawnSmarts keeps the complete record and exports it in the format your agency expects:

• Full transaction records: pledgor info, property description, loan amount, dates
• Export for law-enforcement submission, including LeadsOnline and other police-reporting destinations
• 3-year record retention for compliance
• Computer-form records of the kind IDFPR, the sheriff and police accept

Illinois local requirements: Chicago and beyond

Illinois pawnbroker regulation runs at both the state level (IDFPR) and the local level. HB 779 set statewide standards, but cities layer on their own reporting and operating rules. PawnSmarts carries the transaction records, item-hold tracking and exports each of these requires.

From a 3% cap to tiered finance charges

For decades, Illinois law (205 ILCS 510/, the Pawnbroker Regulation Act) capped pawnbroker interest at 3% per month — the same rate on a $50 loan and a $5,000 loan. In 2021 the Predatory Loan Prevention Act (PLPA) capped consumer loans at 36% APR; pawnbrokers were initially swept in, then excluded by a preliminary injunction in Sangamon County, which left the industry uncertain whether pawn loans were subject to the 36% cap.

HB 779 (Public Act 103-0585), signed March 22, 2024, settled the question and, building on the Pawnbroker Regulation Act of 2023 (205 ILCS 511/), it:

• Established tiered finance charges — 20% / 16.67% / 12.5% / 5% by loan amount
• Limited total licenses — 250 statewide, 150 in Cook/DuPage/Kane/Lake/McHenry/Will
• Required annual employee training — "Responsible Pawnbroker Training"
• Mandated IDFPR data collection — annual reports on pawn transaction trends
• Clarified stolen-property procedures — a 30-day hold on allegedly stolen items

What you get with PawnSmarts in Illinois

The Illinois compliance pieces ride on top of a full pawn and retail platform — pawn tickets, point-of-sale, inventory with cost basis and margin, customer records with ID scan and photo, OFAC checks, daily close and reports. It runs on Windows, Mac, iPad, Android or any phone in a browser, works offline and auto-syncs, and ships with 48 states (Illinois included) pre-configured.

• HB 779 tiered finance charges (20% / 16.67% / 12.5% / 5%), selected automatically
• 30-day grace period and forfeiture-date tracking from the transaction date
• 24-hour law-enforcement reporting with LeadsOnline export and 3-year retention
• 30-day purchased-item hold tracking for cities that require it
• Scan a pledgor's license to auto-fill name, address, DOB and ID number
• Built-in AI help on every screen and a Training Mode for new hires

On the Professional plan, pledgors get three automatic SMS and email reminders before each loan is due, with secure payment links — so they can pay from home and you see fewer forfeitures. Professional also adds advanced analytics, multi-location, staff PIN roles and layaway.

Pricing: simple, no contract

No monthly subscription games, no surprise renewal fees. Pick what fits your shop:

• Essential — $89/month. Pawn tickets, retail POS, LeadsOnline export, OFAC checks, inventory, customer records, reports and daily close. Month to month, cancel anytime, no contract.
• Professional — $129/month. Everything in Essential plus the 3x due-date reminders, online pledgor payments, advanced analytics, multi-location and revenue tools.
• One-time purchase — $2,995. Own PawnSmarts Professional outright. Prefer to pay once? This is it.
• or Free — no software charge if you use our integrated credit-card processing.

Frequently Asked Questions

New to pawn software in general? Start with what pawn shop software does, review the US state licensing guide, or see all the states we serve.