As used in this article, the following terms shall have the respective meanings ascribed to them.
   PAWN or PAWN TRANSACTION. A written bailment of personal property as security for debt, redeemable on certain terms within 180 days, unless renewed, and with an implied power of sale on default.
   PAWNBROKER. A person engaged in the business of lending money on the security of pledged goods and who may also purchase merchandise for resale from dealers and traders.
   PAWNSHOP. The location at which, or the premises in which, a pawnbroker regularly conducts business.
   PERSON. Any individual, corporation, joint venture, association or any other legal entity, however organized.
   PLEDGED GOODS. Tangible personal property which is deposited with, or otherwise delivered into, the possession of a pawnbroker in the course of his or her business in connection with a pawn transaction.
   PURCHASE. Any item purchased from an individual for the purpose of resale whereby the seller no longer has a vested interest in the item.
(2003 Code, § 4-3.1)
Statutory reference:
   Similar provisions, see G.S. § 91A-3