Best answer as chosen by user pcraine: Yes. There are limits.
by R. Proffitt - 12/29/12 2:29 AM
In Reply to: LG 42LM6200 - Wifi password limited to 32 characters? by pcraine
The workaround is to change it to shorter. These are not PCs, they don't run Windows and there are no drivers to tinker with.
This limit is on other makes as well.