Section
112.01 Definitions
112.02 Pawnbroker/precious metal dealers license
112.03 Restrictions on receipt of articles
112.04 Register of loans and purchases required
112.05 Receipt and sales of pawned articles
112.06 Maximum interest; service charges
112.07 Receipt for payments
112.08 Daily reports
112.09 Restrictions on resell of items purchases
112.10 Prohibited transactions
112.11 Reporting requirements
112.99 Penalties
For the purpose of this chapter the following definitions shall apply unless the context clearly indicates or requires a different meaning.
“PAWNBROKER.” Any person who loans money on deposit of personal property, or who deals in the purchase of personal property on condition of selling the property back again at a stipulated price, or who makes a public display at his place of business of the sign generally used by pawnbrokers to denote their business, or who publicly exhibits a sign advertising money to loan on personal property or deposit is a pawnbroker.
“PRECIOUS METAL DEALER.” Any business that engages in the purchase of non-ferrous metals for the purposes of reselling and/or recycling metal for its physical qualities. Businesses are also identified as precious metal dealers if that business advertises that they purchase gold or silver for cash. A precious metal dealer does not include a recycler who, as part of their business, purchases motor vehicles for scrap metal.
“LEADSONLINE.” An existing web-based central reporting system that allows pawnbrokers and precious metal dealers to report their transactions to law enforcement with information required by Kentucky Revised Statute and this chapter.
“LARCENY OFFENDER LIST.” A list maintained by law enforcement containing the names and identifying information of individuals known to have been convicted of an offense involving the sale of stolen property within the prior three years.
(Am. Ord. 7-17-02, passed 7-10-17)
(A) Within thirty (30) days of the effective date of this chapter, all pawnbrokers and precious metal dealers located within the city shall be required to secure a pawnbroker/precious metal dealer's license by making application to the City Clerk. Such application shall be on standard forms furnished by the clerk and shall contain all information determined by the City Council to be necessary for an evaluation of the applicant's eligibility to be licensed hereunder. No license shall be issued to or held by any person who has been convicted of a felony offense related to larceny, theft or the receiving of stolen property, nor shall a license be issued to a corporation or partnership whose chief officers or members are persons who have been convicted of a felony offense related to larceny, theft or the receiving of stolen property.
(B) Every person to whom a city license is granted to carry on the business of a pawnbroker shall annually enter into a bond to the city, with good and sufficient surety to be approved by the City Council, in the penal sum of one thousand dollars ($1,000.00). This bond shall be conditioned upon that he will observe the provisions of this chapter and all ordinances and laws in force in the city not inconsistent with this chapter.
(C) The city shall, within thirty (30) days of receipt of a completed application form, make a complete review of the accuracy of the information contained therein, including a criminal records check on any individuals named therein. If the application is to be denied, the City Clerk shall provide the applicant with written notification, including a statement of the reason(s) for denial. An aggrieved applicant shall, within thirty (30) days of such action, have a right to request a hearing before the City Council of the city to contest the denial.
(D) Licenses issued under this section shall be for the conduct of business at a specific location within the city and shall not be valid for the conduct of the regulated business in any other location and shall be effective for a period of one (1) year. Licenses issued under this section shall not be transferable. License holder shall be required to post their license of a copy thereof in a conspicuous place in the place of business.
(E) A fee of one hundred dollars ($100) shall be paid by the applicant for the initial application made for a pawnbroker/precious metal dealer's license, and a fee of fifty dollars ($50) shall be paid for each annual renewal application.
(Am. Ord. 7-17-02, passed 7-10-17)
Loading...