Pawning property in Arizona

Navajo United Way serving the Navajo Nation

Pawning Property in Arizona

A. Protect your rights under Pawn Law

What Information Should the Pawn Ticket Include?

pawnshop's name, address, phone number
your name, address and phone number
your description, including height, weight, hair, eye color
number of identification document which you present, for example, a drivers license
list of property left with pawnbroker
date of pawn transaction
date which loan must be paid off
amount of money lent for loan
statement that after the due date, pawned property is owned by the pawnbroker

B. Interest Rates & Additional Fees: What is Legal?

Interest Rates:

There IS a limitation on the amount of interest a pawnbroker can charge you.
In Arizona the highest interest rate is 6% for the first two months and 3% for each month thereafter.

Other Allowable Fees:

a $5.00 set-up fee for the pawn account.
a $7.50 fee for lost pawn ticket.
a $5.00 fee for each firearm pawned.
$5.00 a month storage fee for each pawned item.
$5.00 a day for pawned vehicles.
Any taxes or fees charged by the government on pawn transactions.
ALL OTHER FEES ARE ILLEGAL!

C. Pawn laws differ depending upon where you pawn the property.

People pawn property to get a short term loan. The pawnbroker takes the property as a promise to pay back the loan. Pawnbroker holds your property for a period of time until you payoff the loan. KNOW llIE P A WN LA W! Each State if different

Repaying the Loan - Getting Property Back:

in Arizona a loan must be paid off in no less than three months-you and the pawnbroker can agree on a longer time
any agreement to a longer period should be in writing on the pawn ticket
after the due date, pawnbroker may sell the property or keep it

NOTE: the pawnbroker has no legal duty to inform you that you are behind in payments or if the broker plans to sell or keep your property. He can sell your property one day after the due date.

Seek Legal Counsel Immediately
If You Do Have Problems!

D. Protecting Your Rights Under Law

NEW MEXICO AND THE RESERV ATION HA VE PAWN LA WS WHICH GIVE MORE PROTECTION TO YOU THAN ARIZONA.

KEEP TRACK OF THE AMOUNTS OF TIME YOUR PROPERTY HAS BEEN PAWNED.

CHECK THAT ALL INFORMATION IS CORRECT AND INCLUDED ON YOUR PAWN TICKET.

MAKE SURE YOU ARE NOT CHARGED AN INTEREST RATE mGHER THAN 6% PER MONTH FOR THE FIRST 2 MONTHS AND 3% FOR EACH MONTH THEREAFTER.

DO NOT PAY ANY FEES OTHER THAN: SET-UP FEE, LOST PAWN TICKET FEE, FEE FOR FIREARM, STORAGE FEE AND GOVERNMENT CHARGES.

"Pawning Property in Arizona"
is provided by the
Community Legal Education Program
DNA-People's Legal Services, Inc.
PO Box 306 - Window Rock, Arizona 86515

Navajo United Way, Inc.
PO Box 309 - Window Rock AZ 86515
(928) 871-6661 - fax (928) 871-6663
navajoway@frontiernet.net