For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BILLABLE TRANSACTION. Each reportable transaction conducted by a pawnbroker except renewals, redemptions or extensions of existing pawns on items previously reported and continuously in the licensee’s possession.
ISSUING AUTHORITY. The City of Waseca.
MINOR. Any natural person under the age of 18 years.
PAWNSHOP. Any business establishment operated by a pawnbroker.
PAWNBROKER. A person who loans money on deposit or pledge of personal property or other valuable thing; who deals in the purchasing of personal property or other valuable thing on condition of selling that same back again at a stipulated price or who loans money secured by chattel mortgage or on personal property, taking possession of the property or any part thereof so mortgaged. To the extent that a pawnbroker business includes buying personal property previously used, rented or leased, or selling property on consignment, the provisions of this chapter shall be applicable. Any bank, savings and loan association, or credit union shall not be deemed a pawnbroker for purposes of this chapter.
PERSON. One or more natural persons; a partnership, including a limited partnership; a corporation, including a foreign, domestic or non-profit corporation; a trust; a political subdivision of the state; or any other business organization.
REPORTABLE TRANSACTION. Each transaction conducted by a pawnbroker in which merchandise is received through a pawn, purchase, consignment or trade, or in which a pawn is renewed, extended or redeemed is reportable except:
(1) The bulk purchase or consignment of new or used merchandise from a merchant, manufacturer or wholesaler having an established permanent place of business, and the retail sale of said merchandise, provided, the pawnbroker must maintain a record of the purchase or consignment that describes each item, and must mark each item in a manner which relates to that transaction record; or
(2) Retail and wholesale sales of merchandise originally received by pawn or purchase, and for which all applicable hold and/or redemption periods have expired.
(Ord. 781, passed 12-4-01)