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Section
7-210 Short title
7-211 Purpose
7-212 Definitions
7-213 Pawnbroker authority
7-214 License required
7-215 Requirements for licensure
7-216 Record keeping requirements
7-217 Pawnbroker fees; interest rates
7-218 Pawnbroker transactions
7-219 Prohibitions
7-220 Penalties
7-221 License renewal
7-222 Bond
For the purpose of this article, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
PAWN or PAWN TRANSACTION. A written bailment of personal property as security for a debt, redeemable on certain terms within 180 days, unless renewed, and with an implied power of sale on default.
PAWNBROKER. Any person engaged in the business of lending money on the security of pledged goods and who may also purchase merchandise for resale from dealers and traders.
PAWNSHOP. The location at which, or premises in which, a pawnbroker regularly conducts business.
PERSON. Any individual, corporation, joint venture, association, or any other legal entity, however organized.
PLEDGED GOODS. Tangible personal property which is deposited with, or otherwise actually delivered into, the possession of a pawnbroker in the course of his or her business in connection with a pawn transaction.
PURCHASE. Any item purchased from an individual for the purpose of resale whereby the seller no longer has a vested interest in the item.
(G.S. § 66-387) (Am. Ord. passed 4-20-99)
A pawnbroker licensee is authorized to make loans on pledges of tangible personal property; deal in bullion stocks; purchase merchandise for resale from dealers, traders, and wholesale suppliers; and use its capital and funds in any lawful manner within the general scope and purpose of its creation. Notwithstanding the provisions of this section, no pawnbroker has the authority enumerated in this section unless he or she has fully complied with the laws regulating the particular transactions involved.
(G.S. § 66-388) (Am. Ord. passed 4-20-99) Penalty, see § 7-220
It is unlawful for any person, firm, or corporation to establish or conduct a business of pawnbroker unless such person, firm, or corporation has procured a license to conduct business in compliance with the requirements of this article.
(G.S. § 66-389) (Am. Ord. passed 4-20-99) Penalty, see § 7-220
(A) To be eligible for a pawnbroker’s license, an applicant must:
(1) Be of good moral character; and
(2) Not have been convicted of a felony within the last ten years.
(B) Every person, firm or corporation desiring to engage in the business of pawnbroker in the City of Eden shall petition the City Clerk for a license to conduct such business. Such petitions shall provide:
(1) The name and address of the person, and, in case of a firm or corporation, the names and addresses of the persons composing such firm or of the officers, directors, and stockholders of such corporation, excluding shareholders of publicly traded companies;
(2) The name of the business and the street and mailing address where the business is to be operated;
(3) A statement indicating the amount of net assets or capital proposed to be used by the petitioner in operation of the business; this statement shall be accompanied by an unaudited statement from an accountant or certified public accountant verifying the information contained in the accompanying statement;
(4) An affidavit by the petitioner that he or she has not been convicted of a felony; and
(5) A certificate from the chief of police that the petitioner has not been convicted of a felony.
(C) Any license granted under this chapter may be revoked by the county or city issuing it, after a hearing, for substantial abuses of this chapter by the licensee.
(G.S. § 66-390) (Am. Ord. passed 4-20-99)
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