In every pawn transaction:
(A) The original pawn contract shall have a maturity date of not less than 30 days, provided that nothing herein shall prevent the pledgor from redeeming the property before the maturity date;
(B) Any personal property pledged to a pawnbroker is subject to sale or disposal when there has been no payment made on the account for a period of 60 days past maturity date of the original contact; provided pawnbroker is renewable if renewal is agreed upon by both parties;
(C) Every pawn ticket or receipt for the pawn shall have printed thereon the provisions of division (A) above which shall constitute: notice of the sale or disposal, notice of intention to sell or dispose of the property without further notice, and consent to the sale or disposal. The pledgor thereby forfeits all right, title, and interest of, in, and to the pawned property to the pawnbroker who thereby acquires absolute title to the same, whereupon the debt is satisfied and the pawnbroker may sell or dispose of the unredeemed pledges as his or her own property. Any sale or disposal of property under this section terminates all liability of the pawnbroker and vests in the purchaser the right, title, and interest of the borrower and pawnbroker;
(D) If the borrower loses his or her pawn ticket, he or she shall not thereby forfeit his or her right to redeem, but may, before the lapse of the redemption period, make an affidavit with indemnification for the loss. The affidavit shall describe the property pawned and shall take the place of the lost pawn ticket unless the pawned property has already been redeemed with the original pawn ticket; and
(E) A pledgor is not obligated to redeem pledged goods or make any payment on a pawn transaction.
(F) Penalties. Every person, firm, or corporation, their guests or employees, who shall knowingly violate any of the provisions of this part, shall, on conviction thereof, be deemed guilty of a Class 2 misdemeanor pursuant to G.S. § 66-396. If the violation is by an owner or major stockholder or managing partner of the pawnshop and the violation is knowingly committed by the owner, major stockholder, or managing partner of the pawnshop, then the license of the pawnshop may be suspended at the discretion of the Court pursuant to G.S. § 66-396.
(Ord. passed 8-5-1990; Ord. passed 3-21-2022)