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 is a BILLABLE TRANSACTION, except renewals, redemptions or extensions of existing pawns on items previously reported and continuously in the licensee’s possession, voided transactions and confiscations.
PAWNBROKER. Any natural person, partnership or corporation, either as principal or agent or employee thereof, who loans money on deposit or pledge of personal property, or other valuable thing, or who deals in the purchasing of personal property, or other valuable thing on condition of selling the same back again at a stipulated price, or who loans money secured by chattel mortgage on personal property, taking possession of the property or any part thereof so mortgaged. 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 section 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, 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 said merchandise; provided, the pawnbroker must maintain a record of such 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.
(1992 Code, § 486:01) (Ord. 1323, passed 7-15-2003)