For the purpose of this chapter, the following definitions shall 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, voided transactions, and confiscations.
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 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. To the extent that a PAWNBROKER’S business includes buying personal property previously used, rented, or leased, or selling it on consignment, the provisions of this chapter shall be applicable.
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 those 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:
(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 merchandise, provided the pawnbroker must maintain record of the purchase or consignment which describes each item and must mark each item in a manner which relates it to that transaction record; and
(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.
(Prior Code, § 9.12)