CONTRACT FOR PURCHASE: Commonly known as a "pawn" transaction, a contract entered into between a pawnbroker and a customer pursuant to which money is paid to the customer by the pawnbroker on the delivery of tangible personal property by the customer to the pawnbroker, on the condition that the customer, for a fixed price and within a fixed period of time, to be no less than thirty (30) days, has the option to cancel the contract. (This is not the same as "purchase transaction" defined in this section.)
DECLARATION OF OWNERSHIP: A document signed by the customer which shall contain a detailed description of the item(s) subject of a contract for purchase or purchase transaction, a statement that the item(s) is(are) totally owned by the customer, how long the customer has owned the item(s), whether the customer or a third person found the item(s) and if so, the details of the finding.
FIXED PRICE: The amount agreed upon to cancel a contract for purchase during the option period. Fixed price shall not exceed:
One-fifth percent (1/5%) of the original purchase price for each month plus the original purchase price.
FIXED TIME: That period of time, to be no less than thirty (30) days, set forth in a contract for purchase, during which an option to cancel the contract exists.
IDENTIFICATION NUMBER: A serial or motor number placed by the manufacturer upon tangible personal property as a permanent, individual identifying mark.
LEGIBLE: Writing or typewriting which is easily capable of being read.
LOCAL LAW ENFORCEMENT AGENCY: The Colorado Springs Police Department, the El Paso County Sheriff's Office or any other law enforcement agency having jurisdiction in the locality in which the customer enters into a contract for purchase or a purchase transaction.
OBSCURE: To deliberately destroy, remove, alter, conceal or deface so as to render illegible by ordinary means of inspection.
OPTION: The payment during the fixed time, of the fixed price agreed upon by the customer and the pawnbroker which allows the customer to rescind the contract for purchase following which the customer is entitled to receive from the pawnbroker the tangible personal property that is the subject of the contract for purchase.
OWNER'S IDENTIFICATION NUMBER: A number, letters or other distinguishing symbol, placed by the owner of the tangible personal property on the tangible personal property for purposes of identification.
PAWNBROKER: A person regularly engaged in the business of making contracts for purchase or purchase transactions in the course of business.
PEACE OFFICER: Any sheriff, deputy sheriff, police officer or other law enforcing authority or officer except privately employed security personnel.
PURCHASE TRANSACTION: The purchase by a pawnbroker in the regular course of business of tangible personal property for resale, other than newly manufactured tangible personal property which has not previously been sold at retail, when the purchase does not constitute a "contract for purchase", as defined herein.
TANGIBLE PERSONAL PROPERTY: All personal property other than securities, any chose in action, or printed evidence of indebtedness, which is deposited with or otherwise actually delivered into the possession of a pawnbroker in connection with a contract for purchase or purchase transaction.
TOTALLY OWNED: Held free and clear from all economic or financial encumbrance; not subject to lien, security interest or mortgage. (Ord. 84-131; Ord. 01-42; Ord. 04-236)