10.06 - Pawnbroker License - Laserfiche WebLink

Home Browse Search

ORDINANCE RELATING TO THE LICENSING AND REGULATIONS OF PA WNBROKERS Ordinance Number PREAMBLE For the purposes of promoting the public health, safety, morals, and welfare this Ordinance is hereby enacted for the purposes of licensing and regulating pawnbrokers and pawn transactions. SECTION 1: DEFINITION. For purposes of this Ordinance the following words and terms when used herein shall have the following meanings unless the context clearly indicates otherwise. 1. Pawnbrokers: A person engaged, in whole or in part, in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn, on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. Except that the following are exempt from the definition of pawnbroker: Any bank regulated by the State of Minnesota,the comptroller of currency of the United States,the Federal Deposit Insurance Corporation,the board of governors of the Federal Reserve System or any other federal or state authority and their affiliates: any bank or savings association whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or any successor to it and all affiliates of those banks and savings associations; any state or federally chartered credit union: and any industrial loan and thrift company or regulated lender subject to licensing and regulation by the department of commerce. 2. Pawn ON: See Pawn T etie nk iL# 3. Pawn Transaction: Any loan on the security, of pledged goods or any purchase of pledged goods on the condition that the pledged goods are left with the pawnbroker and may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. 4. Person: Any individual, partnership, corporation, limited liability company,joint venture, trust, association, or any other legal entity, however organized. 5. Pledged Goods: Tangible personal property other than chooses in action, securities,bank drafts, or printed evidence of indebtedness,that are purchased by, deposited with, or otherwise actually delivered into the possession of a pawnbroker in connection with a pawn transaction. 6. Municipality: Any town, home, rule charter, or statutory city, or county that elects to regulate and license pawnbrokers within its jurisdiction pursuant to local ordinance. Page 1