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A. It shall be unlawful for any pawnbroker to charge or collect a greater benefit or percentage upon money advanced, and for the use and forbearance thereof, than the rate of three percent (3%) per month. Nothing in this section shall be construed so as to conflict with the law pertaining to usury, and the person receiving money so advanced may hold such monies to pay any fees in addition to interest as herein provided.
Each pawnbroker, when making a loan under this section, must disclose, in printed form on the pawn contract, the following information to the persons receiving the loan:
1. The amount of money advanced, which must be designated as the amount financed;
2. The maturity date of the pawn, which must be at least thirty (30) days after the date of the pawn;
3. The total pawn interest and the total service charge payable on the maturity date, and the total of both which must be designated as the finance charge;
4. The total of payments that must be paid to redeem the pledged goods on the maturity date, which must be designated as the total of payments; and
5. The annual percentage rate, computed according to the regulations adopted by the board of governors of the federal reserve system under the federal truth in lending act.
Each pawnbroker may contract for and receive a monthly finance charge, including interest and fees, not to exceed one-fifth (1/5) of the loan amount, as set forth herein, for appraising, investigating title, storing and insuring the collateral, closing the loan, making daily reports to local law enforcement officers, including enhanced computerized reporting, complying with regulatory requirements and for other expenses and losses of every nature whatsoever and for all other services. Such fees, when made and collected, shall not be deemed interest for any purpose of law.
B. No personal property received on deposit or pledge by any such licensed pawnbroker shall be sold or permitted to be redeemed or removed from the place of business of such licensed pawnbroker for the period of two (2) business days, excluding Saturdays, Sundays and holidays, after the copy and statement to be delivered to the Chief of Police shall have been delivered as required by this article.
C. If the pawner or pledger fails to repay the loan during the period specified on the pawn ticket, the pawnbroker shall automatically extend a grace period of thirty (30) days from the default date on the loan during which the pawnbroker shall not dispose of or sell the personal property pledged. The parties may agree to extend or renew a loan upon terms agreed upon by the parties, provided the terms comply with the requirements of this article.
D. No article of secondhand property purchased by any such licensed pawnbroker shall be sold or removed from the place of business of such licensed pawnbroker for the period of thirty (30) calendar days after the copy and statement to be delivered to the Chief of Police shall have been delivered as required by this article.
E. Every pawnbroker shall, at the time of each loan, deliver to the person pawning or pledging any goods, articles or things, a memorandum or note, signed by him or her, containing an identifying pledge number and the substance of the entry required to be made by section 8-4B-7 of this article, and no charge shall be made or received by any pawnbroker, loan broker or keeper of a loan office for any such entry, memorandum or note.
F. Every pawnbroker, during business hours, upon the request of any pledger presenting the memorandum herein provided for, or upon the request of any assignee or transferee thereof presenting such memorandum, shall exhibit to such person the article pledged and described in such memorandum. Each article pledged shall have attached thereto a tag with the pledge number, the time when said pledge was obtained and the amount of said pledge. (Ord. 16-019, 2-16-2016)
A. No such licensee shall take or receive in pawn or pledge for money loaned or shall buy any property from a minor, or shall so take, receive or buy any such property, the ownership of which is in, or which is claimed by any minor, or which may be in the possession or under the control of any minor.
B. No such licensee shall take any article in pawn or buy from any person appearing to be intoxicated or under the influence of any drug, nor from any person known to be a thief or to have been convicted of theft, burglary, robbery or possession of stolen property and when any person is found to be the owner of stolen property which has been pawned or bought, and the owner has filed a police report which evidences that ownership, such property shall be returned to the owner thereof without the payment of the amount advanced by the pawnbroker thereon or any costs or charges of any kind which the pawnbroker may have placed upon the same.
C. No pawnbroker shall receive as a pledge, purchase, or sell, or keep on the business premises for any reason any pistol, revolver, sawed off shotgun, derringer, bowie knife, blackjack, dirk or other weapon of like character which can be concealed on the person. (Ord. 16-019, 2-16-2016)
A "catch basin cleaner" is a person who engages in the business of cleaning, collecting, or transporting the contents of catch basins or sewers and refuse by vehicle or otherwise, or in any manner professes to engage in the business of cleaning catch basins and sewers. Provided that licensed sewer builders who may clean catch basins or sewers shall not be required to obtain such separate license. (1981 Code)
No license shall be issued unless and until the applicant therefor has filed with the Clerk a bond in the amount of ten thousand dollars ($10,000.00) conditioned to indemnify the Village for a loss, liability or damage caused by the licensee. Either the Village or a customer of the licensee shall be entitled to maintain an action upon said bond. (1981 Code)
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