749.07 PROCEDURE IN REDEMPTION OR SALE OF ARTICLES OR PLEDGES.

   If any pledgor fails to redeem any article of jewelry, gems, silverware, gold plate, precious stones or kindred articles within six months from the date of the loan or sale, or becomes six months in arrears in the payment of interest or fails to redeem any other article pledged or sold within thirty days after maturity of the loan, the pawnbroker shall notify the pledgor or seller by registered mail, demanding return receipt therefor, to the last place of address given by the pledgor or seller, that unless the pledge or property is redeemed within thirty days from the date the notice is mailed, specifying in the notice the time and place the sale will take place, it shall be sold at public or private sale, at the option of the licensee, and the proceeds applied to the payment of the indebtedness or amount advanced, with all interest and charges. If the pledgor or seller fails to redeem or repurchase the property within the thirty day period specified in the notice, the licensee shall proceed to offer the pledge or property at public or private sale to the highest bidder, on the date fixed in the notice, and the licensee may become the purchaser, and from the proceeds of any such sale pay his claim including any expense of the sale; any balance shall be held and paid to such pledgor or seller, but if he fails to call for and collect the balance within one year from date of the sale, the balance of the proceeds shall become the absolute property of the licensee. (ORC 4727.11)