For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BILLABLE TRANSACTION. Every reportable transaction conducted by a pawnbroker except renewals, redemptions, or extensions of existing pawns on items previously reported and continuously in the licensee’s possession is a billable transaction.
PAWNBROKER. A person, partnership, or corporation who lends money on the security of pledged goods (items that are “left in pawn”), and/or purchases goods on the condition that they may be redeemed or repurchased by the seller for a fixed price, within a fixed period of time. To the extent that a PAWNBROKER’S business includes buying personal property previously used, rented or leased, or selling it on consignment, the provisions of this subchapter shall be applicable.
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, 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 the merchandise, provided the pawnbroker must maintain a record of the purchase or consignment which describes each item, and must mark each item in a manner which relates it to that transaction record; and
(2) Retail and wholesale sales of merchandise originally received by pawn or purchase, and for which all applicable hold and/or redemption periods have expired.
(Prior Code, § 3-15-2) (Ord. 542, passed 1-9-2012)