123.06 SURETY BOND.

Each applicant for a license shall, before the license is issued to the applicant, file with the City Clerk a bond, with a surety approved by the Council, in the penal sum of five thousand dollars ($5,000.00), conditioned that the applicant will comply with and observe the terms and conditions of all provisions of this Code of Ordinances relating to pawnbrokers or their business, will pay all costs, fines, and penalties incurred on account of the applicant’s failure to observe such provisions and will pay all damages resulting to any person by reason of the wrongful and knowingly purchase or receiving of any stolen property or property from any minor, which bond shall be approved by the Council and filed with the Clerk.

123.07 RECORDS REGISTER REQUIRED.

1.   Every pawnbroker is required to keep a record register in which the dealer accurately, intelligently, and legibly enters, in ink, in the English language, and at the time of purchasing or receiving any article or item:

   A.   The retail fair market value of the article;

   B.   The amount paid, advanced, or loaned for the article;

   C.   A detailed, complete, and accurate description of the article, including identifying marks;

   D.   The article’s serial number and model number, if any;

   E.   The name of the person from whom the article is purchased or received, his or her residential address and telephone number, date of birth, driver’s license or non-operator’s identification number, and height and general description as evidenced by a photograph and confirmed by a picture identification;

   F.   The date, time, and place of the transaction;

   G.   The time and date when the article is to be redeemed or bought back;

   H.   Any security interest or bill of sale taken, or receipt or pawn ticket given;

   I.   When, and by whom, an article was bought back or redeemed;

   J.   When, to whom, and how an article was disposed of.

2.   Every pawnbroker shall also record the date of disposition of the article or any part or portion thereof. The disposition report shall be located in the same book and at the same place where the receiving records for the article are located.

3.   Any person who fails to keep such records or fails to make the required entries therein, or intentionally or knowingly makes any false or unintelligible entry or any entry which the dealer has reason to believe is untrue, or who fails to make the inquiries necessary to enable the dealer to make such entries or any of them, or who fails to produce the records when requested, or who destroys or negligently permits such records to be destroyed or lost is in violation of this chapter.

4.   Every pawnbroker shall submit to the Police Department, by noon on Friday of each week, a record of each item received on pawn or purchased outright. Such record shall include all information required by subsection 1. A pawnbroker who fails to submit such record on each item received is in violation of this chapter.

123.08 WEAPONS.

If a pawnbroker receives as a pledge or purchase any revolver, pistol, blackjack, shotgun, rifle, or any kind of firearm whatsoever, the pawnbroker shall submit to the Police Department, within forty-eight (48) hours, all information pertaining to the transaction, including but not limited to the owner, the owner’s address, a description of a firearm and the firearm’s serial number (when applicable). All such transactions shall be fully compliant with all State and Federal regulations governing the purchase, sale, or trade of such weapons.

123.09 INSPECTION OF REGISTER AND PROPERTY.

The pawnbroker’s register required by this chapter shall at all times be open to inspection by a duly authorized officer of the City without warrant. The pawnbroker shall also, upon request, show to any duly authorized officer any articles purchased, taken, or received by the pawnbroker or deposited with the pawnbroker and in the pawnbroker’s possession.

123.10 TICKET FOR PROPERTY RECEIVED.

To each person selling, negotiating, depositing, or leaving any property with a pawnbroker, the pawnbroker shall give a ticket upon which shall be printed or written a copy of all entries required by this chapter to be made in the pawnbroker’s register with reference to the transactions with such person. No charge shall be made by the pawnbroker for such ticket.

123.11 HOLDING PERIOD.

Any item received by a pawnbroker shall not be redeemed by customer, sold, transferred, altered, removed from the premises or otherwise disposed of for thirty (30) days after the date of purchase. Failure to hold any item for the required holding period is in violation of this chapter.