(a) No person shall do either of the following in the City without first having obtained a license from the City:
(1) Engage in the business of lending money on deposit or pledges of personal property, other than securities or printed evidence of indebtedness, at a total charge, rate of interest or discount or other remuneration in excess of eight percent per annum; or
(2) Engage in the business of purchasing personal property such as articles made of or containing gold, silver, platinum or other precious metals or jewels of any description.
(b) As used in this chapter, a person is "engaged in the business of purchasing articles made of or containing gold, silver, platinum or other precious metals or jewels of any description" if, in any manner, including any form of advertisement or solicitation of customers, he or she holds himself or herself out to the public as willing to purchase such articles for a consideration and intends to resell such articles, whether in the same or a different form or condition as when purchased.
(Ord. 1986-116. Passed 1-7-87.)