(A) Unclaimed pledges shall be sold at public auction or private sale, but not prior to the expiration of 12 months from the date of the loan unless otherwise agreed or authorized by the Commissioner. [N.J.S.A. 45:22-25]
(B) Prior to the public auction or private sale of the pledge, a notice must be sent to the last known address of the pledgor after the maturity of the loan, and 20 days must pass before such sale may take place.
[N.J.S.A. 45:22-26]
(Ord. 150-09, passed 9-8-09)