A. The pawnbroker shall retain in his possession every pledge or pawn fourteen (14) days after the maturity of the loan, or fourteen (14) days after the last payment of interest, or part of the principal, whichever is greater. If the pledgor shall fail or neglect for fourteen (14) days after maturity of the loan, or fourteen (14) days after the last payment of interest, or part of the principal, to redeem the pawned property, the pawnbroker may sell any such property held for redemption; provided, that such property shall have been held for redemption for a period of not less than thirty (30) days from the date of pledge. After a loan is in default, the pawnbroker may refuse to accept any payment less than the entire principal and interest due.
B. Each pawnbroker shall furnish to the pledgor a printed receipt clearly showing the amount loaned with a specific, detailed description of the pledged property pawned or received, date of receipt thereof, time for redemption, the name of the pledgee. The reverse side of said receipt shall be marked in such a manner that the amounts of principal and interest and other charges paid by the person securing the loan can be clearly designated thereon. Each payment shall be entered upon the reverse side of said receipt and shall designate how much of the payment is being credited to principal, how much to interest, and how much to any other charge, with the date of said payments shown thereon. The pawnbroker shall affix to each article or thing a tag upon which shall be inscribed a number, of legible characters, which shall correspond to the number on the pawn ticket and be entered in the book required to be kept by subsection F of this section. The pawnbroker shall furnish all information required by law to be given to borrowers by state law and federal law. The following information shall be printed on the front or back of each pawn ticket required to be given to the pledgor:
In the event of failure to pay the loan with thirty (30) days from the date hereof, or within fourteen (14) days after maturity, or within fourteen (14) days after payment of any month interest when due, whichever period of time is the greater, you shall thereby forfeit all right and title unto such pledged and pawned property to the pawnbroker who shall thereby acquire an absolute title to the same.
C. Upon redemption of any pledge, the pawnbroker shall furnish to the pledgor at the time of redemption a written signed receipt indicating the exact amount paid on principal and interest in order that said pledgor may have the benefit of said receipt for income tax purposes and other matters. Said written receipt shall be either printed or stamped with the name of the pawnbroker and the address, and shall be legibly written so that the figures thereon are clearly discernible.
D. Every pawnbroker shall prepare and deliver to the pledgor at the time of the pledge a separate pawn ticket for each and every item pledged.
E. Each and every pawnbroker shall post and maintain in a prominent location within the confines of said pawnshop, a printed sign not less than fifteen inches by twenty inches (15" x 20") with clearly discernible red lettering on a white background in not less than two inch (2") size, the following words:
Maximum interest, if any percent per month, or $ service charge.
F. Every pawnbroker shall keep a book in which shall be entered and legibly written in ink, at the time of each loan or receipt of personal property, an accurate account and description of the goods, articles or things pawned, or received, the amount of money loaned or advanced thereon, the number of the pawn ticket given to the pledgor, the time when redeemable, the time, both day and hour, of pawning or receiving such goods, articles or things, and the name, residence, age, sex, and color and description as near as possible of the person pawning or delivering the goods, articles or things. No entry made in such book shall be erased, obliterated or defaced. The book, as well as every article or thing pawned, pledged or deposited, shall at all reasonable times be open to inspection by the sheriff or any officer directed by the sheriff.
G. Every pawnbroker of pawnshop keeper in the county must, before the hour of twelve o'clock (12:00) noon on Monday of each week, deliver to the sheriff, at the sheriff's office, a full, true and detailed copy of all pawn tickets legibly written, setting forth an exact description of each article or thing pawned or received by such pawnbroker or pawnshop keeper during the period since the last such report. Said ticket shall be a full, detailed and correct copy of all entries in the book required to be kept in subsection F of this section. If no article or thing has been pawned or received, a report must be made to that effect.
H. Every pawnbroker licensed under the provisions hereof shall provide a safe place for the keeping of the pledges received by him and shall have sufficient insurance on the property held on pledges, for the benefit of the pledgors, in case of destruction by fire. (Ord. 170, 12-23-1986)