The following words and terms, when used in this Division M, shall have the following meanings unless the context clearly indicates otherwise.
BILLABLE TRANSACTION. Every
conducted by a
.
ISSUING AUTHORITY. The City of Bloomington License Section.
ITEM CONTAINING PRECIOUS METAL. An item made in whole or in part of metal and containing more than 1% by weight of silver, gold or platinum.
MINOR. Any natural
under the age of 18 years.
PAWNBROKER.
(a) Except as provided in subsection (b) below,
PAWNBROKER means a
engaged in whole or in part in the business of lending money on the security of
left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time.
(b) The following are exempt from the definition of
PAWNBROKER: any bank regulated by the state, the comptroller of the currency of the United States, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System or any other federal or state authority and their affiliate; any bank or savings association whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or any successor to it and all affiliates of those banks and savings associations; any state or federally chartered credit union; and any industrial loan and thrift company or regulated lender subject to licensing and regulation by the Department of Commerce.
(c) A pawnbroker licensed under this Division M shall have the ability to receive precious metals without obtaining a separate precious metal dealer license under this code. A precious metal item or items received by a licensee shall not be sold or otherwise transferred for 14 days after the date of the receipt of such property by the licensee. Items may not be altered, modified or changed in any way during the holding period.
PAWNSHOP. The location at which or the premises in which a pawnbroker regularly conducts business.
PERSON. One or more natural persons; a partnership, including a limited partnership; a corporation, including a foreign, domestic, or nonprofit corporation; a trust; a political subdivision of the state; or any other business organization.
PLEDGED GOODS. Tangible personal property other than choses in action, securities, bank drafts or printed evidence of indebtedness, that are purchased by, deposited with, or otherwise actually delivered into the possession of a
in connection with a pawn transaction.
REPORTABLE TRANSACTION. Every transaction conducted by a
in which merchandise is received through a pawn, purchase, consignment or trade is reportable except:
(1) The bulk purchase or consignment of new or used merchandise from a merchant, manufacturer or wholesaler having an established permanent place of business, and the retail sale of said merchandise, provided the
must maintain a record of such purchase or consignment which describes each item, and must mark each item in a manner which relates it to that transaction record;
(2) Retail and wholesale sales of merchandise originally received by pawn or purchase, and for which all applicable hold and/or redemption periods have expired; and
(3) Pawn renewals, extensions and redemptions.
(1958 Code, § 143.12) (Ord. 37, passed 8-7-1961; Ord. 41, passed 9-6-1961; recodified by Ord. 95-13, passed 8-7-1995; Ord. 97-16, passed 5-5-1997; added by Ord. 98-27, passed 6-15-1998; Ord. 2007-18, passed 5-7-2007; Ord. 2011-2, passed 1-24-2011)