Section 5-19A-20 – Pawnbrokers to Be Subject to Licensing and Issuance Fees Under Chapter 12 of Title 40; Chapter Not to Repeal Uniform Commercial Code.
Section 5-19A-20 Pawnbrokers to be subject to licensing and issuance fees under Chapter 12 of Title 40; chapter not to repeal Uniform Commercial Code. Notwithstanding the foregoing, all persons currently doing business as pawnbrokers and those seeking licensure under this chapter, shall be subject to the applicable licensing and issuance fees levied under Chapter 12 […]
Section 5-19A-5 – Statement Verifying Pledgor Is Rightful Owner of Goods; Pawnbroker to Maintain Record of Transactions; Goods to Be Maintained on Premises for Certain Number of Days Before Resale.
Section 5-19A-5 Statement verifying pledgor is rightful owner of goods; pawnbroker to maintain record of transactions; goods to be maintained on premises for certain number of days before resale. (a) The pledgor or seller shall sign a statement verifying that the pledgor or seller is the rightful owner of the goods or is entitled to […]
Section 5-19A-6 – Redemption or Automatic Forfeiture of Pledged Goods.
Section 5-19A-6 Redemption or automatic forfeiture of pledged goods. A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within 30 days following the originally fixed maturity date shall be forfeited to the pawnbroker and absolute right, title, and interest in and to […]
Section 5-19A-7 – Pawnshop Charge; Amounts in Excess of Pawnshop Charge.
Section 5-19A-7 Pawnshop charge; amounts in excess of pawnshop charge. (a) A pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, costs, and losses of every nature but not to exceed 25 percent of the principal amount, per month, advanced in the pawn transaction. […]
Section 5-19A-8 – Certain Acts by Pawnbrokers Prohibited.
Section 5-19A-8 Certain acts by pawnbrokers prohibited. A pawnbroker, any clerk, agent, or employee of a pawnbroker shall not do any of the following: (1) Fail to make an entry of any material matter in the record book. (2) Make any false entry therein. (3) Falsify, obliterate, destroy, or remove from the place of business […]
Section 5-19A-9 – Pledgor Presenting Pawn Ticket Entitled to Redeem or Repurchase Goods; Lost or Damaged Pledged Goods in Possession of Pawnbroker; Lost, Destroyed, or Stolen Pawn Ticket.
Section 5-19A-9 Pledgor presenting pawn ticket entitled to redeem or repurchase goods; lost or damaged pledged goods in possession of pawnbroker; lost, destroyed, or stolen pawn ticket. (a) Any person properly identified as pledgor or as authorized representative of the pledgor and presenting a pawn ticket to the pawnbroker shall be entitled to redeem or […]
Section 5-19A-10 – Liens for Pawnbrokers; Pledged Goods Not Redeemed on or Before Maturity Date Fixed in Ticket.
Section 5-19A-10 Liens for pawnbrokers; pledged goods not redeemed on or before maturity date fixed in ticket. (a) A pawnbroker shall have a lien on the pledged goods pawned for the money advanced and the pawnshop charge owed, but not for other debts due to the pawnbroker, subject to the rights of other persons who […]
Section 5-19A-11 – Licensing Generally; Annual Fee; Temporary License; When New License Not Required Upon Change in Ownership.
Section 5-19A-11 Licensing generally; annual fee; temporary license; when new license not required upon change in ownership. (a) A person may not engage in business as a pawnbroker unless the person has a valid license authorizing engagement in the business. A separate license is required for each place of business. The supervisor may issue more […]
Section 5-19A-12 – Eligibility for Pawnshop License; Application Fee.
Section 5-19A-12 Eligibility for pawnshop license; application fee. (a) To be eligible for a pawnshop license, an applicant shall: (1) Operate lawfully and fairly within the purposes of this chapter. (2) Not have been convicted of a felony within the last 10 years or not be acting as a beneficial owner for someone who has […]
Section 5-19A-13 – Suspension or Revocation of License; Notice and Hearing; Surrender of License.
Section 5-19A-13 Suspension or revocation of license; notice and hearing; surrender of license. (a) The supervisor may, after notice and hearing, suspend or revoke any license upon a finding that: (1) The licensee, either knowingly or without the exercise of due care to prevent the same, has violated this chapter. (2) A fact or condition […]