(A) A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within at least 60 days of the date of the pawn transaction, renewal, or extension shall automatically be forfeited to the pawnbroker, and qualified right, title, and interest in and to the goods shall automatically vest in the pawnbroker.
(B) The pawnbroker’s right, title, and interest in the pledged goods under this division (B) is qualified only by the pledgor’s right, while the pledged goods remain in possession of the pawnbroker and not sold to a third party, to redeem the goods by paying the loan, plus fees and/or interest accrued up to the date of redemption.
(C) A pawn transaction that involves holding only the title to property is subject to M.S. Chs. 168A or 336, as they may be amended from time to time.
(2006 Code, § 6.43) (Ord. 125, 3rd Series, passed 6-5-1998)