§ 10.20.025. Pawnbrokers—License.  


Latest version.
  • A.

    Required. No person may engage in the business of lending money on security of personal property physically taken and held, or purchasing articles of personal property and reselling or agreeing to resell the articles to the vendor or an assignee at a price agreed upon at or before the time of purchase, without first having obtained a pawnbroker's license from the municipal clerk. For the purposes of chapter 10.20, personal property shall not include intangible personal property. Intangible personal property is defined as personal property which has no physical existence such as claims, interest, rights and titles to personal property including but not limited to motor vehicle titles.

    B.

    Qualifications of pawnbrokers and employees. A pawnbroker and every person employed by a pawnbroker shall:

    1.

    Be 18 years of age or older; and

    2.

    Not have been convicted of a crime involving larceny, theft, receiving and concealing stolen property, dealing with illegally obtained property or involving misrepresentation or fraud within five years prior to the date of application or employment.

    C.

    Application. An applicant for a pawnbroker's license shall describe in his application the terms and conditions of the lending agreement used or intended for use, including the time period allowed for redemption of articles, the rate or amount of interest or other charge made for the use of money lent, and the manner in which the terms are identified for redemption.

    D.

    Bond. An applicant for a pawnbroker's license shall file a bond in the amount of $25,000.00 either with his initial application or with renewal after October 1, 1996. The bond shall be conditioned on the licensee's compliance with title 10 and all applicable laws.

    E.

    Location of business. A pawnbroker's license shall be issued only for a single location, to be specified on the license.

(CAC 6.20.060; AO No. 95-177(S), § 1, 10-24-95)