Maximum rate of interest permitted; repayment of loan.

(a) Beginning January 1, 2011, the maximum rate of interest which a pawnbroker may contract for, and receive, including fees, shall not exceed 5% per month, or fraction of the month, for the first 6 months of a loan, and 3% per month, or fraction of the month, thereafter; provided, that a pawnbroker may contract for, and receive, a minimum charge of $2 per month, or fraction of the month, in lieu of interest.

(b) The borrower may pay all or any part of any loan made pursuant to this part at any time before the date of maturity thereof, but any such payment may first be applied by the licensee to all interest unpaid up to the date of such payment.

(c) Once during each calendar year, a borrower shall have the right to rescind any pawn loan by the end of the same business day of the transaction. A $2 fee may be assessed by the licensee to offset the administrative cost of the rescission.