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Who must be licensed under the Alabama Pawnshop Act?

ACT Alabama licensed pawnshop
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Who must be licensed under the Alabama Pawnshop Act?

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Pawn transactions are non-recourse loans based on the pledging of personal property. Pawnbrokers must take actual physical possession of the items pawned and cannot demand repayment of the loan from the pledgor. The pledging of car titles is allowed under the Alabama Pawnshop Act. Banks and Alabama Consumer Credit Act licensees are exempt. All pawn transactions in Alabama are for one month. The maximum fee is 25% per month. The Alabama Pawnshop Act is codified at Alabama Code 5-19A-1 et seq., a copy of which is available on our website.

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