ARTICLE IV. RESERVED

Secs. 9-171—9-200. Reserved.

ARTICLE V. PAWNBROKERS 2

 

Notes

2	State law reference(s)— Consumer finance act exemption, G.S. 53-191; regulation of precious metal businesses, G.S. 66-163 et seq.; pawnbrokers, G.S. 91-1 et seq.; privilege license tax for pawnbrokers, G.S. 105-50.

DIVISION 1. GENERALLY

Sec. 9-201. Definitions.

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Pawn or pawn transaction means 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 means any 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 means the location at which or premises in which a pawnbroker regularly conducts business.

Pledged goods means 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 means any item purchased from an individual for the purpose of resale, whereby the seller no longer has a vested interest in the item.

(Ord. No. 1888, § 2(18A-1), 2-12-91)

Cross reference(s)—Definitions and rules of construction generally, § 1-2.

Sec. 9-202. Authority of pawnbroker.

   A pawnbroker licensee is authorized to:

(1)   Make loans on pledges of tangible personal property;

(2)   Deal in bullion stocks;

(3)   Purchase merchandise for resale from dealers, traders and wholesale suppliers; and

(4)   Use capital and funds in any lawful manner within the general scope and purpose of the license.

No pawnbroker has the authority enumerated in this section unless he has fully complied with the laws regulating the particular transactions involved.

(Ord. No. 1888, § 2(18A-2), 2-12-91)

Sec. 9-203. Records; pawn tickets.

(a)   Every pawnbroker shall keep consecutively numbered records of each and every pawn transaction, which shall correspond in all essential particulars to a detachable pawn ticket or copy thereof attached to the record.

(b)   The pawnbroker shall, at the time of making the pawn or purchase transaction, enter upon the pawn ticket a record of the following information, which shall be typed or written in ink and in the English language:

(1)   A clear and accurate description of the property, including model and serial number if indicated on the property;

(2)   The name, residence address, phone number and date of birth of pledgor;

(3)   Date of the pawn transaction;

(4)   Type of identification and the identification number accepted from pledgor;

(5)   Description of the pledgor, including approximate height, weight, sex and race;

(6)   Amount of money advanced;

(7)   The date due and the amount due;

(8)   All monthly pawn charges, including interest, annual percentage rate on interest and total recovery fee; and

(9)   The agreed upon stated value between the pledgor and pawnbroker in case of loss or destruction of the pledged item. Unless otherwise noted, the stated value is the same as the loan value.

(c)   The following shall be printed on all pawn tickets:

(1)   The statement: "Any personal property pledged to a pawnbroker within this state is subject to sale or disposal when there has been no payment made on the account for a period of 60 days past maturity date of the original contract. No further notice is necessary.";

(2)   The statement: "The pledgor of this item attests that it is not stolen, has no liens or encumbrances, and is the pledgor's to sell or pawn.";

(3)   The statement: "The item pawned is redeemable only by the bearer of this ticket or by identification of the person making the pawn."; and

(4)   A blank line for the pledgor's signature and the pawnbroker's signature or initials.

(d)   The pledgor shall sign the pawn ticket in the designated space. The pledgor shall receive an exact copy of the pawn ticket which shall be signed or initialed by the pawnbroker or any employee of the pawnbroker. These records shall be available for inspection and pickup each regular workday by the chief of police or his designee. These records shall be correct copies of the entries made of the pawn or purchase transaction and shall be carefully preserved without alteration and shall be available during regular business hours.

(e)   Except as otherwise provided in this article, any person presenting a pawn ticket to a pawnbroker is presumed to be entitled to redeem the pledged goods described on the ticket.

(Code 1965, § 18-13; Ord. No. 1888, § 2(18A-5), 2-12-91)