For the purposes 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 is a BILLABLE TRANSACTION 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 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. Any natural person, partnership or corporation, either as principal, agent or employee thereof, who loans money on deposit or pledge of personal property or other valuable thing, or who deals in the purchasing of personal property or other valuable thing on condition of selling the same back again at a stipulated price, or who loans money secured by chattel mortgage on personal property, taking possession of the property or any part thereof so mortgaged. Any such person whose business includes buying personal property previously used, rented or leased, or selling such property on consignment, is hereby deemed PAWNBROKER.
PAWNSHOP. The location at which or premises in which a pawnbroker regularly conducts business.
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 that merchandise, provided the pawnbroker must maintain a record of the purchase or consignment that describes each item, and must make each item in a manner that relates it to that transaction record.
(2) Retail or wholesale sales of merchandise originally received by pawn or purchase, and for which all applicable hold and/or redemption periods have expired.
(3) Items purchased from a Minnesota city, county, or other political subdivision's law enforcement agency as an alternative of disposing of unclaimed, impounded, seized or confiscated items through public action or sale, as allowed by state statute or local ordinance.
(Ord. 201414420-01, passed 11-20-14)