Section 446.202 – Licenses; Issuance; Contents; Term; Transferability; Fee; Bond; Limitations.
446.202 Licenses; issuance; contents; term; transferability; fee; bond; limitations. Sec. 2. (1) The chief executive officer of the governmental unit may grant under his or her hand, and the official seal of his or her office, to any suitable person, corporation, or firm a license authorizing that person, corporation, or firm to conduct the business […]
Section 446.203 – Definitions.
446.203 Definitions. Sec. 3. As used in this act: (a) “Chief executive officer” means any of the following: (i) For a city, the mayor. (ii) For a village, the village president. (iii) For a township or charter township, the township supervisor. (iv) For a county, the county executive or, if there is no county executive, […]
Section 446.204 – Licensed Pawnbroker; Action Upon Bond.
446.204 Licensed pawnbroker; action upon bond. Sec. 4. If any person shall be aggrieved by the conduct of any such licensed pawnbroker, and shall recover judgment against him therefor, such person may, after the return unsatisfied, either in whole or in part, of any execution issued upon said judgment, maintain an action in his own […]
Section 446.205 – Record of Property Received; Contents; Inspection; Form of Permanent Record.
446.205 Record of property received; contents; inspection; form of permanent record. Sec. 5. (1) A pawnbroker shall keep a record in English, at the time the pawnbroker receives any article of personal property or other valuable thing by way of pawn, that includes a description of the article, a sequential transaction number, any amount of […]
Section 446.206 – Statement to Police of Articles Received; Contents.
446.206 Statement to police of articles received; contents. Sec. 6. A pawnbroker shall make daily, except Sunday, a sworn statement of his or her transactions, describing the articles received, and setting forth the name, residence, and description of the person from whom the articles were received, to the chief of police or chief law enforcement […]
Section 446.207 – Repealed. 1980, Act 199, Imd. Eff. July 10, 1980.
446.207 Repealed. 1980, Act 199, Imd. Eff. July 10, 1980. Compiler’s Notes: The repealed section pertained to the right of a pawnbroker to deal in secondhand property.
Section 446.208 – Purchaser’s Memorandum of Pawn; Contents.
446.208 Purchaser’s memorandum of pawn; contents. Sec. 8. A pawnbroker, at the time of a loan, shall deliver to the person pawning or pledging any article a memorandum or note signed by him or her, containing the substance of the entry required to be made by him or her in his or her book by […]
Section 446.209 – Interest on Loans; Rate; Storage Charge; Time of Payment; Computation; Fee or Excess Charge Prohibited.
446.209 Interest on loans; rate; storage charge; time of payment; computation; fee or excess charge prohibited. Sec. 9. (1) A licensed pawnbroker may charge on any loan a rate of interest that does not exceed 3% per month and is not required to accept any interest less than 50 cents on a single loan. A […]
Section 446.210 – Title to Item; Sale of Pledged or Pawned Item; Time of Possession.
446.210 Title to item; sale of pledged or pawned item; time of possession. Sec. 10. (1) Subject to section 12, title to an item that is pledged or pawned vests in the pawnbroker 90 days after the pledge or pawn, or after the expiration of any longer period agreed to by the parties, if the […]
Section 446.171 – Scope of Act.
446.171 Scope of act. Sec. 11. (1) Subject to section 5, this act does not make it an unlawful practice for a person that owns or has the right to license or enforce a patent to do any of the following: (a) Advise others of that ownership or right of license or enforcement. (b) Communicate […]