In the event that any articles or property pledged are lost or rendered inoperable, the pawnbroker shall replace the articles or property with identical articles or property; except that, if the pawnbroker cannot reasonably obtain identical articles or property, the pawnbroker shall replace the articles or property with like articles or property. No pawnbroker shall conduct business in the state, unless the pawnbroker maintains insurance coverage covering all hazards equal to at least two times the aggregate value of the outstanding loans for items held in pawn. Such insurance shall be obtained from an insurance company authorized to do business in the state.
(1960 Code, § 7-2-2) (Ord. 5385, passed 3-8-1995; Ord. 7752, passed 3-3-2014)