For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BUSINESS OPERATOR. Every person or entity engaged in the business of receiving personal property in pledge or as security for a loan of money or other thing of value advanced to the pledger, or who receives the personal property upon a sale on the condition of selling the same back at a stipulated price, or who publicly exhibits a sign of “money to loan on personal property or deposit or pledge” or words of a similar nature in context.
PLEDGE. A species of bailment, made for the mutual benefit of bailor and bailee, arising when goods are delivered to another as a pledge for security to him or her on money borrowed by the bailor, or a sale upon the conditions as set forth in the definition of “business operator” of this section, or a delivery of personal property under the circumstances as set forth under the definition of “business operator” of this section.
PROPERTY. Includes only those articles of personal property as may be actually delivered over to the possession and custody of the person who advances money on them, and not stocks, bonds, notes, mortgages, choses in action or other evidence of debt.
(Ord. 02-12, passed 4-9-2002)