For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACCEPTABLE IDENTIFICATION. Acceptable forms of identification are a current valid Minnesota driver’s license, a current valid Minnesota identification card or a current valid photo driver’s license or identification card issued by another state or province of Canada.
AUTOMATED PAWN SYSTEM (APS). A computerized data collection system that mandates the collection of data and digitized images via modem for the purpose of regulation and review of licensed pawn dealers by city officials and authorized subscribers.
BILLABLE TRANSACTIONS. 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.
CONSIGNMENT. Acting as a sales agent for another, selling another person’s goods without having to first purchase the goods.
ISSUING AUTHORITY. The City of Mounds View.
ITEM CONTAINING PRECIOUS METAL. An item made in whole or in part of metal and containing more than 1% by weight of silver, gold or platinum.
MANAGER. A person or persons designated by the licensee to operate and supervise the pawnshop under the provisions of this chapter.
MINOR. Any natural person under the age of 18 years.
PAWNBROKER. A person engaged in whole or in part in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. The following are exempt from the definition of PAWNBROKER: any bank regulated by the state, the comptroller of the currency of the United States, the Federal Deposit Insurance Corporation, the board of governors of the Federal Reserve System or any other federal or state authority and their affiliates; any bank or savings and loan whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or any successor to it and all affiliates of those banks and savings and loan associations; any state- or federally-chartered credit union; any industrial loan and thrift company or regulated lender subject to licensing and regulation by the Department of Commerce.
PAWNSHOP. The licensed location in which a pawnbroker conducts business.
PERSON. One or more natural persons; a partnership, including a limited partnership; a corporation, including a foreign, domestic or non-profit corporation, a trust, a political subdivision of the state; or any other business organization.
PRECIOUS METAL DEALER. Except as exempted by M.S. § 325F.732, subd. 2, as it may be amended from time to time, any natural person, partnership or corporation engaging in the business of buying, selling or pawning secondhand items containing precious metal, including, but not limited to, jewelry, watches, eating utensils, candlesticks and religious and decorative objects.
PRECIOUS METALS. Silver, gold or platinum.
REDEMPTION PERIOD. The date by which an item of property that has been pawned must be redeemed by the pledger without risk that the item will be sold. The date must be a day on which the pawnbroker or precious metal dealer is open for regular business.
REPORTABLE TRANSACTION. Every transaction conducted by a pawnbroker in which merchandise is received through a pawn or purchase, or in which a pawn is renewed, extended or for which a unique transaction number or identifier is generated by their point of sale software, is reportable, except:
(1) The bulk purchase 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 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, § 516.02)