§3960. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1993, c. 59, §1 (NEW).] 1. Pawn transaction. “Pawn transaction” means the lending of money on the security of pledged tangible personal property that is delivered to a pawnbroker and held by the pawnbroker. […]
§3961. License The municipal officers of any municipality may grant licenses to persons of good moral character to be pawnbrokers in the municipality for one year, unless sooner revoked by the municipal officers for violation of law. Whoever carries on such a business without a license commits a civil violation for which a forfeiture of […]
§3962. Account of business done and disclosure to consumer 1. Account kept. Every pawnbroker shall maintain records in which the pawnbroker shall enter: A. The date, duration, amount, periodic rate of interest and annual percentage rate of every loan that is made; [PL 1993, c. 59, §2 (AMD).] A-1. The finance charge, due […]
§3963. Pawn transaction terms 1. Maximum finance charge established. A pawnbroker may not directly or indirectly receive a finance charge of greater than 25% per month on that part of a loan that is $500 or less, nor more than 20% per month on that part of a loan that is more than $500, made […]
§3964-A. Regulation of pawnbrokers 1. Exemption from state license. A pawnbroker licensed by a municipality pursuant to section 3961 is not required to obtain a supervised lender’s license pursuant to Title 9‑A, section 2‑301 in order to engage in pawn transactions. [PL 1993, c. 59, §5 (NEW).] 2. Application of law. Pawnbrokers are subject […]
§3964. Time and manner of selling pawned property; notice (REPEALED) SECTION HISTORY PL 1987, c. 737, §§A2,C106 (NEW). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 104, §§C8,10 (AMD). PL 1993, c. 59, §4 (RP).
§3965. Disposal of proceeds of sale (REPEALED) SECTION HISTORY PL 1987, c. 737, §§A2,C106 (NEW). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 104, §§C8,10 (AMD). PL 1993, c. 59, §6 (RP).
