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69A.002 Pawnbroker and precious metal dealer not to receive article from minor, during the night, or with missing, altered or obscured serial number; photo identification required
69A.003 Pawnbroker and precious metal dealer to keep register of loans and purchases; state officers may inspect
69A.004 Pawnbroker to give ticket and receipt for articles; sale after 60 days; notice before sale
69A.005 Daily reports in cities and unincorporated areas
69A.006 Maximum interest; service charges
69A.007 Receipts for payments
69A.008 Additional regulation of pawnbrokers
69A.009 Additional regulation of precious metal dealers
For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
“LEADSONLINE.” An existing web-based software central reporting system that allows persons or businesses to report information to law enforcement required by Kentucky Revised Statutes and this chapter.
“PAWNBROKER.” Any person who loans money on deposit of personal property, or who deals in the purchase of personal property on condition of selling the property back again at a stipulated price, or who makes a public display at his or her place of business of the sign generally used by pawnbrokers to denote their business, or who publicly exhibits a sign advertising money to loan on personal property or deposit.
“PRECIOUS METAL DEALER.” Any business that engages in the purchase of nonferrous metals for the purposes of reselling and/or recycling metal for its physical qualities or that advertises that they purchase gold or silver for cash. A “PRECIOUS METAL DEALER” does not include any metal recycler who, as part of their business, purchases motor vehicles for scrap metal.
(Ord. 2012-16, passed 9-11-12)
(A) No pawnbroker or precious metal dealer shall receive, by way of pledge or pawn, any article from a minor at any time, nor from any person between 8:00 p.m. and 7:00 a.m.
(B) No pawnbroker or precious metal dealer shall receive any item for pawn, loan, or sale that is known to have a serial number if such serial number is missing, altered, or obscured in such a way as to be illegible.
(C) No pawnbroker or precious metal dealer shall receive any item for pawn, loan, or sale from any person unless that person presents valid, state-issued photo identification.
Every pawnbroker and precious metal dealer shall keep a register of all loans and/or purchases of all articles affected or made by him or her. The register shall show the dates of all loans and/or purchases, and the names of all persons who have left any property on deposit as collateral security, or as a delivery or sale. Opposite the names and dates shall be written in plain hand a full description of all property purchased or received on deposit as collateral security, the time when the loan falls due, the amount of purchase money, the amount loaned and the interest charged. The register shall at all times be open to the inspection of any officer of this state when in the discharge of his or her official duty.
(A) Every pawnbroker shall give a plain written or printed ticket for the loan to the person negotiating or selling, and a plain written or printed receipt of the articles that have been purchased, or upon which money is loaned, having on each a copy of the entries required by KRS 226.040 and this chapter to be kept in his or her register. He or she shall not make any charge for the ticket or receipt.
(B) A pawnbroker may sell any article pawned after the expiration of 60 days from the maturity of the loan, provided that, not less than ten days before making the sale, the pawnbroker shall have given notice to the person by whom the article was pawned, by mail addressed to the post office address of such person as shown on the pawnbroker’s register, notifying such person that, unless he or she redeems the article within ten days from the date of mailing the notice, the article will be sold.
(A) Every pawnbroker and precious metal dealer shall by 11:00 a.m. each day, make available to the chief of police of the city or the chief law enforcement officer of the county a true and correct written report of all goods received by him or her, whether by pawn or purchase, during the 24 hours preceding each report. The report shall fully describe the goods, including any serial numbers and any engravings or markings of numbers, words, or initials, and shall state the purchase or loan amount.
(B) Reporting through LeadsOnline, the web-based central reporting system used by the Paris Police Department, shall be the primary reporting method for purposes of complying with Kentucky Revised Statute and this chapter. A photo of the person pawning, loaning, or selling the item as well as a photo of the item shall be submitted with the report. In the event that unintended circumstances prevent reporting through LeadsOnline, pawnbrokers and precious metal dealers shall submit daily written reports to the Paris Police Department.
Any pawnbroker, as defined in KRS 226.010 and in this chapter, may, in loaning money on deposit of personal property, charge, contract for or receive interest at a rate not exceeding 2% per month on the unpaid principal balance of the loan, and may charge, contract for and receive a reasonable fee, not to exceed one-fifth of the value of the loan per month, for investigating the title, storing and insuring the property, closing the loan, making daily reports to local law enforcement officers and for other expenses, losses and incidental costs associated with servicing such loans. It is further provided that such fee when made and collected shall not be deemed interest for any purpose of law. No pawnbroker shall directly or indirectly charge, receive or contract for any interest or consideration greater than that allowed by this section.
Every pawnbroker, upon receiving any payment of money from a borrower, shall give to such person a plain and complete receipt for such payment, specifying separately the amount applied to principal and the amount applied to interest. In a case where the pawnbroker has purchased personal property under an agreement to sell it back at a stipulated price, the pawnbroker shall, on receiving any payment of money from the person from whom the property was purchased, give such person a receipt stating the original purchase price, the stipulated resale price, and the amount received.
In addition to every pawnbroker conducting their business in accordance with Kentucky Revised Statute listed in §§ 69A.002 through 69A.007, the City of Paris finds it necessary to implement additional requirements to protect public health, safety, and general welfare. Pawnbrokers shall comply with the following additional orders, regulation, and requirements:
(A) Pawnbrokers shall place a 30 calendar day hold on items purchased without a pawn agreement before reselling such property.
(B) Pawnbrokers are prohibited from engaging in any transaction for a period of three years with a person convicted of a crime involving fraud, larceny, theft, or receiving stolen property. Law enforcement may supply pawnbrokers with the names and date of conviction for persons convicted of such crimes.
In addition to every precious metal dealer conducting their business in accordance with orders, regulation, and requirements listed in §§ 69A.002, 69A.003, and 69A.005, the City of Paris finds it necessary to implement additional requirements to protect public health, safety, and general welfare. Precious metal dealers shall also comply with the following additional orders, regulation, and requirements:
(A) Precious metal dealers shall hold all items in their possession from any transaction for a period of 30 calendar days before being resold, damaged, or recycled.
(B) Precious metal dealers arc prohibited from engaging in any transaction for a period of three years with a person convicted of a crime involving fraud, larceny, theft, or receiving stolen property. Law enforcement may supply precious metal dealers with the names and date of conviction for persons convicted of such crimes.
(A) Within 30 days of the effective date of this chapter, all pawnbrokers and precious metal dealers located within the city shall be required to submit an application to the Paris Police Department. Such application shall be on a standard form furnished by the Paris Police Department and shall contain all information determined by the city to be necessary for the evaluation of the applicant and their employees.
(B) The city may deny the application of any person who has been convicted of an offense related to fraud, larceny, theft, or the receiving of stolen property or of any corporation or partnership having a chief officer(s) or member(s) who has been convicted of an offense related to fraud, larceny, theft, or the receiving of stolen property.
To the extent that any other resolution, ordinance, or parts therefore are in conflict with this chapter, the provisions of this chapter will prevail and shall be given effect.
(Ord. 2012-16, passed 9-11-12)
(A) Each incident which results in a violation of this chapter shall constitute a separate offense.
(C) Any person who violates § 69A.005 shall be fined fifty dollars ($50.00) for the first offense and one hundred dollars ($100.00) for each offense thereafter.
(D) A second offense for penalties assessed pursuant to division (B) of this section may result in revocation of the offender’s business license with the city.
(Ord. 2012-16, passed 9-11-12)