For the purpose of this chapter the following words and phrases shall have the following meanings ascribed to them respectively.
“PAWN.” Lending money on the deposit or pledge of personal property, or purchasing personal property on the condition of selling the property back again at a stipulated price, with the condition indicated verbally, in a written agreement, or in any other form indicating that the seller may repurchase the personal property sold. For purposes of this chapter, “personal property” does not include general intangibles, accounts (including deposit accounts), chattel paper, commercial tort claims, documents, instruments, investment property, letter-of-credit rights, letters of credit, money, or oil, gas, or other minerals before extraction. (I.C. 28-7-5-2)
“PAWNBROKERS.” Any person, partnership, association, limited liability company, or corporation that engages in the pawn business. (I.C. 28-7-5-2)
“SECONDHAND DEALER.” Any person who loans money on deposit or pledge, or who purchases secondhand property of any description. (Ord. 368, passed 2-2-14)
Statutory reference:
State pawnbroking law, IC 28-7-5-l et seq.