§ 11-15. Interest and charges; records.

(a) Interest.

It shall be lawful for the said pawnbroker, in view and by reason of the necessity of extensive storage, labor incident thereto, porterage, insurance, and other expenses inseparable from the nature of the business hereby authorized, as affording a desirable and advantageous facility to the commercial and other classes of society, to charge therefor in addition to interest, at a reasonable rate, in no case to exceed 2½% each month or fraction thereof, to be computed on the principal advanced as aforesaid.

(b) Minimum charge.

For any month or fraction thereof in which the total amount of legal interest and additional charges of any loan are less than the minimum rates as hereafter set forth, it shall be lawful to charge, in lieu of such interest and additional charges, a minimum rate of:

(1) $0.25 on loans less than $4;

(2) $0.50 on loans of $4 or more but less than $8;

(3) $0.75 on loans of $8 or more but less than $12; and

(4) $1 on loans of $12 or more.

(c) Records.

(1) Every pawnbroker shall cause to be kept in suitable books therefor, to be provided by said pawnbroker an accurate account of each transaction authorized by this subtitle.

(2) All the business and affairs of said pawnbroker shall be subject at all times to inspection of such agent or officer of Baltimore City or of such committee as for that purpose may be designated by the Mayor and City Council of Baltimore.