Chicago pawnbrokers need an Illinois Pawnbroker license under 205 ILCS 510 plus a Chicago BACP Secondhand Dealer endorsement under MCC Ch. 4-264. Loans run a minimum four months, interest is capped statewide, and every pledge is reported to CPD within 24 hours.
The Illinois Pawnbroker Regulation Act, 205 ILCS 510, requires fingerprint background checks, a $25,000 net worth showing, and a $5,000 surety bond, with the Department of Financial and Professional Regulation issuing each license. Layered on top, MCC Ch. 4-264 makes Chicago pawnbrokers also obtain a BACP Secondhand Dealer license, file a CPD inspection plan, and report every pledged item within 24 hours through LeadsOnline. State Pawnbroker rules under 205 ILCS 510/8 cap monthly interest at 3% with regulated storage and ticket-writing fees, and pledges run a minimum 4 months with a 30-day grace before forfeiture. CPD detectives may place 90-day investigative holds on items linked to crime reports. Military Lending Act caps apply to active-duty borrowers.
Charging excess interest, lending without an IDFPR license, or failing to file the 24-hour report are misdemeanors under MCC 4-4-340 and Class A misdemeanors under 205 ILCS 510, with fines up to $5,000, license revocation, and IDFPR administrative actions.
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