Vigilant is right as far as the laws regarding pawn shops.
As far as what you and your friend do in a private transaction, its no ones damn business especially the government.
Well if there is interest income on the loan, then it is the government's business to charge you income tax on it.
That’s good to know.the law in Indiana has been changed and it is legal to pawn a handgun .
On a side note, can the friend even loan money with interest legally w/o UCC filing?
Yeah if you make it their business then I guess it is. Sounds like since you like walking the straight line you and your buddy should consult a lawyer not ingoWell if there is interest income on the loan, then it is the government's business to charge you income tax on it.