Ordinance 1854-92 - Laserfiche WebLink

Pawnbrokers - Removal of Property from Place of Business Property bought or received in pledge by any pawnbroker shall not be removed from that place of business, except when redeemed by the bearer of a pawn ticket within fifteen days after the receipt of the property. Property shall at all times during the ordinary hours of business be open to inspection to any commissioned law enforcement officer of the State or any of its political subdivisions who is accompanied by a police department representative. is hereby amended to read as follows: Property bought or received in pledge by any pawnbroker shall not be removed from that place of business, except when redeemed by or returned to the owner, within thirty days after the receipt of the property. Property shall at all times during the ordinary hours of business be open to inspection to any commissioned law enforcement officer of the State or any of its political subdivisions. Section 7 : Section 10 of Ordinance No. 1050-84 (EMC 5 . 32 . 100) , which reads as follows: A. A pawnbroker shall not sell any property received in pledge within ninety days after the term of the loan expires. However, if a pledged article is not redeemed within the ninety day period, the pawnbroker has all rights, title, and interest of the pledge or the pledgor's assigns. B. Every transaction entered into by a pawnbroker shall be evidenced by a written document, a copy of which shall be furnished to the pledgor. The document shall set forth the loan period, the date on which the loan is due and payable, and shall inform the pledgor of the pledgor's right to redeem the pledge within ninety days after the expiration of the loan term. is hereby amended to read as follows: A. A pawnbroker shall not sell any property received in pledge until both the term of the loan and a grace period of a minimum of sixty days has expired. However, if a pledged article is not redeemed within the ninety day period of both the term of the loan and 10