For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
PAWN or PAWN TRANSACTION. A written bailment of personal property as security for a debt, redeemable on certain terms within 180 days, unless renewed, and with an implied power of sale on default.
PAWNBROKER. A person engaged in the business of lending money on the security of pledged goods and who may also purchase merchandise for resale from dealers and traders.
PAWNSHOP. The location at which, or premises in which, a pawnbroker regularly conducts business.
PERSON. Any individual, corporation, joint venture, association, or any other legal entity, however organized.
PLEDGED GOODS. Tangible personal property which is deposited with, or otherwise actually delivered into, the possession of a pawnbroker in the course of his business in connection with a pawn transaction.
PURCHASE. An item purchased from an individual for the purpose of resale whereby the seller no longer has a vested interest in the item.
(Ord. 19 ORD 6-15, passed 6-29-15)