Of course there are penalties. The measures are as follows: Article 39 During the pawn period or within 5 days after the expiration of the pawn period, the pawn can be renewed with the consent of both parties, and the longest period of renewal is 6 months. The renewal period shall be calculated from the date when the pawn period expires or the last renewal period expires. At that time, the customer should settle the previous interest and current expenses.

Fortieth after the expiration of the pawn period or renewal period, the pawnshop shall redeem or renew the insurance within 5 days. It is absolutely necessary if the insurance is not redeemed or renewed within the time limit.

Pawnshops should pay interest and related expenses to pawnbrokers in accordance with the penalty interest level of overdue loans of banks and other financial institutions stipulated by the People's Bank of China, the charging standards set by pawnbrokers and the overdue days, in addition to repaying the principal and interest of pawnbrokers and comprehensive expenses.

But you can stipulate the punishment method in the contract as long as it is not illegal.