For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
PAWN or PAWN TRANSACTION. A written bailment of personal property as security for debt, redeemable on certain terms within 180 days, unless renewed, and with an implied power of sale on default.
PAWNBROKER. A person engaged in the business of lending money on the security of pledged goods and who may also purchase merchandise for resale from dealers or traders.
PAWNSHOP. The location at which or in which a pawnbroker regularly conducts business.
PERSON. Any individual, corporation, joint venture, association or any other legal entity, however organized.
PLEDGED GOODS. Tangible personal property which is deposited with or otherwise delivered into the possession of a pawnbroker in the course of his or her business in connection with a pawn transaction.
PURCHASE. Any item purchased from an individual for the purpose of resale whereby the seller no longer has a vested interest in the item.
(Ord. passed 4-17-2000)