✓ Tiered Finance Charges • ✓ 30-Day Grace Period • ✓ 3-Year Records
Stop paying monthly fees. Illinois pawnbrokers using PPSS paid $695-$995 once for a lifetime license. Three years later? Still $695-$995 total. No monthly subscriptions, no annual price increases, no surprise renewal fees.
Handles Illinois's HB 779 tiered finance charges (20%/16.67%/12.5%/5%), 30-day grace periods, and 3-year record retention. (Click the Purple Video Button above for a software overview.)
Typical subscription: $300/month = $10,800 over 3 years.
PPSS: $895 once + $590 updates = $1,485 over 3 years.
Savings: $9,315 in three years. Over five years? $16,515.
Updates: $295/year or $737 once.
Illinois's 2024 HB 779 (Public Act 103-0585) replaced the old 3% monthly interest cap with a tiered finance charge system: 20% for loans under $500, 16.67% for $500-$1,500, 12.5% for $1,500-$5,000, and 5% for loans $5,000+. This means different pawn amounts trigger different monthly finance charge caps. Generic pawn software has one "interest rate" field. Illinois law now requires four different tiers with automatic selection based on loan amount.
Pawnbroker Pawn Shop Software (PPSS) Illinois Edition includes the 2024 HB 779 tiered finance charge calculation, 30-day grace period tracking, 3-year record retention, and transaction records that can be exported for law enforcement reporting requirements.
HB 779 Tiered Finance Charges (Effective March 22, 2024)
Under $500? 20% monthly finance charge (one-fifth). $500-$1,500? 16.67% (one-sixth). $1,500-$5,000? 12.5% (one-eighth). Over $5,000? 5% (one-twentieth). PPSS automatically selects the correct tier based on loan amount—no manual rate selection, no calculation errors.
24-Hour Law Enforcement Reporting
Illinois requires transaction information reported to local law enforcement within 24 hours. This includes property descriptions, customer information, ID verification, and transaction details. PPSS maintains detailed transaction records that can be exported in the format required by your local law enforcement agency.
30-Day Grace Period After Maturity
Illinois law provides a 30-day grace period after the maturity date of a pawn loan, allowing consumers to redeem items without additional fees during this window. Software needs to track three dates: transaction date, maturity date (typically 30 days), and grace period end (30 days after maturity). PPSS calculates all three dates automatically from the transaction date—maturity alert, grace period countdown, forfeiture date flagging.
Mister Woo's Cash For Your Stuff in Mt. Vernon, Illinois was paying Pawnmaster $245 per month. They switched to PPSS in 2023 and paid $995 once—that's it. No monthly fees, no annual increases, no surprise charges.
"We were paying $245 every month with Pawnmaster. PPSS was $995 for a lifetime license, then $295/year for software updates starting in year 2. The tiered finance charge fields calculate automatically based on loan amount—20% for small loans, 5% for large loans. No more manual rate selection."
— Mister Woo's Cash For Your Stuff, Mt. Vernon, IL
*Or $995 + $737 one-time = $1,732 (prepay all future updates)
Total savings over three years: $7,235. Over five years: $13,765—even with annual software updates.
Illinois's 2024 tiered system replaces the old 3% monthly cap. Now finance charges vary by loan amount tier. PPSS automatically selects the correct tier and calculates the maximum monthly finance charge.
PPSS automatically selects the correct tier when you enter the loan amount. $450 loan? 20% tier. $550 loan? 16.67% tier. No manual selection needed.
PPSS automatically selects the correct tier when you enter the loan amount. $450 loan? Software applies the 20% tier. $550 loan? Switches to 16.67% tier. No manual selection needed, no calculation errors.
Illinois provides a 30-day grace period after loan maturity during which customers can redeem items without additional fees. This creates a three-date tracking requirement: transaction date, maturity date, and grace period end.
Grace Period Timeline Example:
PPSS Tracking: Enter transaction date once. Software calculates maturity (30 days), grace period end (60 days total), and flags items approaching forfeiture.
Illinois pawnbrokers managing 100+ items monthly use automatic grace period calculations to track everything approaching forfeiture in the next 7 days.
Illinois requires pawnbrokers to report transaction information to local law enforcement within 24 hours. This includes property descriptions, customer ID information, transaction amounts, and dates. PPSS maintains complete transaction records that can be exported for submission to your local law enforcement agency.
What PPSS Provides for Reporting:
Note: The actual process and format for submitting reports to law enforcement varies by municipality. PPSS provides the transaction data; you'll work with your local law enforcement to determine their preferred submission method.
Illinois pawnbroker regulation operates at both state (IDFPR) and local (municipal) levels. HB 779 established statewide standards, but municipalities add specific reporting and operational requirements.
PPSS provides: Complete transaction records, 30-day purchased item hold tracking, 3-year local record retention, export capabilities for law enforcement reporting. Check with your local law enforcement for their specific reporting format requirements.
For decades, Illinois law (205 ILCS 510/) capped pawnbroker interest at 3% per month. This simple system applied uniformly to all loan amounts—$50 loan, $5,000 loan, same 3% monthly interest.
Illinois passed the PLPA, capping consumer loans at 36% APR (3% monthly). Pawnbrokers were initially included, then excluded via preliminary injunction in Sangamon County. This created uncertainty: were pawn loans subject to the 36% cap?
On March 22, 2024, Governor Pritzker signed HB 779 (Public Act 103-0585), which:
Why this matters for software: HB 779 fundamentally changed how finance charges are calculated. Software built for the old 3% system won't work under the new tiered structure. PPSS was updated immediately in March 2024 to handle all four tiers automatically.
A Mt. Vernon shop switched from Pawnmaster ($245/month = $8,820 over 3 years). PPSS: $995 lifetime license + $590 updates = $1,585 total.
Automatic tier selection: 20% (under $500), 16.67% ($500-$1,500), 12.5% ($1,500-$5,000), 5% ($5,000+). Zero manual calculations.
Maintains all transaction data required for Illinois law enforcement reporting. Export capabilities for submission to local authorities.
Maturity date + 30-day grace = 60-day customer redemption window. Automatic date calculations from transaction date.
Records stored on your computers, not vendor's cloud servers. Access your historical data anytime without ransom fees.
Year 2+: $295/year or $737 one-time payment for lifetime updates. Choose the plan that works for your business.
Basic License: $695
Professional License: $895
Multi-Station License: $995
Software Updates (Year 2 and Beyond):
Q: How does PPSS handle HB 779's four different finance charge tiers?
A: Enter the loan amount once. Software automatically selects the correct tier: 20% (under $500), 16.67% ($500-$1,500), 12.5% ($1,500-$5,000), or 5% ($5,000+). No manual selection needed.
Q: What's the 30-day grace period?
A: Illinois law provides 30 days after maturity for customers to redeem items without additional fees. PPSS calculates: transaction date ? maturity (30 days) ? grace period end (60 days total) ? forfeiture date (61 days).
Q: How does law enforcement reporting work in Illinois?
A: Illinois requires transaction information reported to local law enforcement within 24 hours. PPSS maintains complete transaction records that can be exported for submission. The actual reporting method (electronic upload, printed report, etc.) varies by municipality—check with your local law enforcement for their preferred format.
Q: What are the software update plans?
A: Year 2 and beyond: $295/year (annual) or $737 one-time payment (lifetime updates). Covers software updates only. Does NOT include personal support (phone, email, SMS, chat, remote PC). Choose the plan that fits your business.
Q: Does PPSS handle Cook County's 150-license cap?
A: The license cap is managed by IDFPR, not software. PPSS handles your transaction records, reporting, and compliance once you have a license. We don't track available licenses statewide.
Illinois Pawnbrokers:
800-710-6184
Monday–Friday: 9:00 AM – 5:00 PM Central Time
Email: Available through contact form
