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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)
From and after 8-1-2003, no person shall engage in the business of a pawnbroker without first obtaining a license therefor and paying the fees prescribed herein.
(1992 Code, § 486:02) (Ord. 1323, passed 7-15-2003) Penalty, see § 118.999
(A) (1) The annual license fee shall be in an amount duly established by the City Council from time to time. No license shall be issued under this section until the appropriate license fee shall be paid in full.
(2) The billable transaction fee shall be in an amount duly established by the City Council from time to time and shall reflect the cost of processing transactions and other related regulatory expenses as determined by the City Council and shall be reviewed and adjusted, if necessary, every six months. Licensees shall be notified in writing 30 days before any adjustment is implemented.
(3) Billable transaction fees shall be billed monthly and are due and payable within 30 days. Failure to do so is a violation of this section.
(1992 Code, § 486:03)
(B) An applicant for a new license under this section, or for the renewal of an existing license that is more than six months past due, shall pay an investigation fee at the time an original application is submitted to cover the costs involved in verifying the license application and to cover the expense of any investigation needed to assure compliance with this section. The investigation fee shall be in a minimum amount established by the City Council from time to time or the actual cost thereof not to exceed $10,000 if the investigation is required outside the state.
(1992 Code, § 486:04)
(Ord. 1323, passed 7-15-2003)
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