For the purpose of this subchapter, the following definitions apply unless the context clearly indicates or requires a different meaning.
BILLABLE TRANSACTION. Every reportable transaction conducted by a pawnbroker except renewals, redemptions, or extensions of existing pawns on items previously reported and continuously in the licensee’s possession is a billable transaction.
CHATTEL. A movable article of personal property.
CHOSE IN ACTION. A thing in action and a right of bringing an action or right to recover a debt or money. Right of proceeding in a court of law to procure payment of sum of money, or right to recover a personal chattel or a sum of money by action.
PAWNBROKER. Any person, who, either as a principal, agent, or employee lends money on deposit or pledge of personal property, or other valuable thing, or who deals in the purchasing of personal property, or other valuable thing on condition of selling the same back again at a stipulated price, or who lends money secured by chattel mortgage on personal property, taking possession of the property or any part thereof so mortgaged.
PAWNSHOP. The location at which or premises in which a pawnbroker regularly conducts business.
PAWN TRANSACTION. Any loan on the security of pledged goods or any purchase of pledged goods on the condition that the pledged goods are left with the pawnbroker and may be redeemed or repurchased by the seller for a fixed price within a fixed period of time.
PLEDGED GOODS. Tangible personal property other than choses in action, securities, bank drafts, or printed evidence of indebtedness, purchased by, deposited with, or otherwise actually delivered into the possession of a pawnbroker in connection with a pawn transaction.
PERSON. An individual, partnership, corporation, limited liability company, joint venture, trust, association, or any other legal entity, however organized.
REPORTABLE TRANSACTION. Every transaction conducted by a pawnbroker in which merchandise is received through a pawn or in which a pawn is renewed, extended, or redeemed, 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 pawnbroker maintains a record of that purchase or consignment that describes each item, and must mark each item in a way that 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.
TRUE COPY. A copy consistent with fact or reality, not false or erroneous. Reliable, accurate, real, and genuine.
('72 Code, § 468:05) (Ord. 1997-843, passed 3-24-97)