10.06 - Pawnbroker License - Laserfiche WebLink

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Subd. 2. The day the report forms are submitted shall contain all information required by this Ordinance to be collected by the pawnbroker for all pawn transactions. Any such item received by the pawnbroker shall not be disposed of, sold, or otherwise transferred for 60 calendar days after the date of the report to law enforcement. However, an individual may redeem the item pawned 72 hours after the item was received on deposit by the pawnbroker, excluding Sundays and legal holidays. SECTION 910- REDEMPTION Subd. 1. The date by which an item of property has been pawned must be redeemed by the pledgor without risk that the item will be sold and must be a day in which the pawnbroker is opened for regular business. Subd. 2. Pledgors shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within at least 60 days of the date of the pawn transaction, renewal or extension shall automatically be forfeited to the pawnbroker, and qualified right,title and interest in and to the goods shall automatically vest in the pawnbroker. Subd. 3. The pawnbroker's fight, title, and interest in the pledged goods under Section 9, subd. 2, is qualified only by the pledgor's right, while the pledged goods remain in the possession of the pawnbroker and not sold to a third party, to redeem the goods by paying the loan plus fees and/or interest accrued up to the date of redemption. Subd. 4. A pawn transaction that involves holding only the title to property is subject to M.S. §I68A or 336. SECTION 44 PERMITTED CHARGES Subd. 1. Notwithstanding any other ordinance, state statue, rule, regulation, or M.S. §325J. 13, a pawnbroker may contract for and receive a pawnshop charge not to exceed 3 percent per month of the principal amount advanced to the pawn transaction plus a reasonable fee for storage and services. A fee for storage and services may not exceed $20 if the property is not in the possession of the pawnbroker. Subd. 2. The pawnshop charge allowed under paragraph I above shall be deemed earned, due, and owing as of the date of the pawn transaction and alike some shall be deemed earned, due, and owing on the same day of the succeeding month. However, if full payment is made more than two weeks before the next succeeding date the pawnbroker shall remit one half of the pawnshop charge for that month to the pledgor. Subd. 3. Interest shall not be deducted in advance, nor shall any loan be divided or split so as to yield greater interest's or fees than would be permitted upon a single, consolidated loan, or for otherwise evading any provisions of this Ordinance or M.S.§325J.07. Subd. 4. Any interest, charge, or fees contracted for or received directly or indirectly, in excess of the amount permitted under this Ordinance or M.S. § 325J.07, shall be uncollectible and the pawn transaction shall be void. Page 7