Neither the OPAC nor staff client seem to respect any hold limit specified in circulation rule. This problem appears in master (my test installation) and as far back as 3.6.1 (my library's in-production system).
The difference I find between master and 3.6.1 is that in 3.6.1 the staff client seems to respect the limit.
In 3.6.4 hold limit is restricting from system preference setup parameter (maximum holds) but it does not restrict the limit set up at circulation privileges table. if maximumholdsallowed is setup 2 and in patron category if it is 1 than it obey maximumholdsallowed.
Is this still an issue?
There are several more specific bug reports and I know we have put some work into this since the bug was files. I am marking this "Resolved Moved" as I think we need to retest this and have specific descriptions of the missing bits and pieces.
Some I found:
bug 4488, bug 6976, bug 12632