1. No licensee, his or her agents or employees, purchasing or receiving any article of property shall: (1) receive any property without first viewing a form of identification containing the photograph of the person identified; (2) melt, alter, destroy, sell, redeem, remove from the licensed premises or otherwise dispose of such article, within fifteen days after the receipt and report of any property is made as required by this chapter, except upon written permission from the Chief of Police, or his or her designee; (3) purchase or receive any property from any person under the age of eighteen years, without his or her parents or guardian being present at the time of the transaction, and without receiving a consent, a copy of which must be submitted along with the records required by this chapter; (4) purchase or receive any property or surrender any property from six p.m. to eight a.m., Monday through Saturday, and six p.m. Saturday to eight a.m. Monday; (5) conceal, secrete, or destroy, for the purpose of concealing, any article purchased or received for the purpose of preventing identification; (6) deface, alter, or remove any serial number or identifying marks from an article in his or her possession; (7) take possession of debased or altered property, as described in (6) above. However, those licensed pawnbrokers in possession of such property at the time of passage of this chapter shall have sixty days to dispose of such property.
2. Each pawnbroker shall retain in his or her possession the property pawned for at least one hundred twenty days from the date of the pawn.
3. Each pawnor has a right to redeem his or her property within the period of possession required in subsection 2 of this section. Property not so redeemed may be sold by the pawnbroker.