The following words, terms, and phrases when used in this Chapter shall have the meaning ascribed to them in this Section except where the context clearly indicates a different meaning:
AUTOMATED PAWN SYSTEM OR APS: A computer database operated by the Minneapolis Police Department, accessible from a remote location, designated to input and retrieve data on pawnbroker transactions, by those municipalities that subscribe to the system.
CONSIGNMENT: A written agreement between a dealer and a seller that authorizes the dealer to take possession of secondhand property owned by the seller.
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.
PAWNBROKER:
A. Any person engaged in whole or in part in the business of lending money on the security of pledged goods 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 of Minnesota, 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 affiliates; 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.
PAWNSHOP: The location at which or premises in which a pawnbroker regularly conducts business.
PERSON: An individual, partnership, corporation, limited liability company, joint venture, trust, association, or any other legal entity, however organized.
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 pawnbroker in connection with a pawn transaction.
REPORTABLE TRANSACTION: Every transaction conducted by a pawnbroker in which merchandise is received through a pawn, purchase, consignment, or trade, or in which a pawn is renewed, extended or redeemed, or for which a unique transaction number or identifier is generated by their point-of-sale software, or an item is confiscated by law enforcement, is reportable, except:
A. 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 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.
B. Retail and wholesale sales of merchandise originally received by pawn or purchase, and for which all applicable hold and/or redemption periods have expired.
SECONDHAND GOODS DEALER: Any person whose regular business includes buying, selling or receiving tangible personal property which has been previously used, rented, owned or leased, specifically including, but not limited to, video games, compact discs, sports memorabilia, collectible magazines, and coin collections, but excluding motor vehicles, furniture, clothing, and sporting equipment.