Loading...
(a) At the time a pawnbroker shall seek renewal of the license, each pawnbroker shall do so in a timely fashion.
(b) The City Council reserves the right to require financial records for its review as it may deem necessary to verify the pawnbroker's affidavit, which is to be provided annually to verify the percentage of business from principal or ancillary business.
(Ord. 2008-02. Passed 6-3-08.)
(a) At the time a pawnbroker shall receive any article of personal property, or other valuable thing by way of pledge or pawn, he shall keep a book, written in English, which shall include the following:
(1) A description of such article, a sequential transaction number, any amount of money loaned thereon; and
(2) The name, residence, general description and driver's license number, official state personal identification card number, or government identification number of the person from whom the article was received, and the day and hour when such property was received.
(b) The record, the place where such business is carried on, and all articles of property in that place of business are subject to examination at any time by the City Attorney, City Police Department, the County prosecuting attorney, or the Department of State Police.
(c) Upon the receipt of any article by way of pawn or pledge, the pawnbroker shall make a permanent record of the transaction on a form provided by the pawnbroker that substantially complies with the form described in State law, MCL 446.205(4). Each record of transaction shall be completed in duplicate by the pawnbroker, legibly in the English language, and shall contain all applicable information required to complete the record of transaction form referenced herein.
(d) The pawnbroker shall retain a record of each transaction and, within forty-eight hours after the property is received, shall send one copy of the record of transaction to the City Police Department.
(Ord. 2008-02. Passed 6-3-08.)
At the same time any pawnbroker shall receive any article of personal property or other valuable thing by way of pledge or pawn, he shall take in duplicate the legible imprint of the right thumb of the person from whom such property was received, or if that is not possible, of the left thumb or some other finger of such person. Such fingerprint shall be taken under such rules and regulations as prescribed by the Commissioner of the State Police. One copy shall be forwarded within forty-eight hours, together with a statement of the nature of the property received, to the Chief of Police.
(Ord. 2008-02. Passed 6-3-08.)
Every such pawnbroker shall make daily a sworn statement of his transactions, describing the goods or pledge received, and setting forth the name, residence and description of the person from whom the goods or pledge were received, a copy of which shall be provided to the Chief of Police within twenty-four hours of the close of business.
(Ord. 2008-02. Passed 6-3-08.)
A pawnbroker, at the time of such loan, shall deliver to the person pawning or pledging any goods, article or thing a memorandum or note signed by him, containing the substance of the entry required to be made by him. No charge shall be made or received by any pawnbroker for any such entry, memorandum or note. The memorandum or note shall be consecutively numbered and upon its back shall be printed in English, the following: "If interest or charges in excess of three percent per month, plus storage charges hereinafter provided, are asked or received, this loan is void and of no effect; and the borrower cannot be made to pay back the money loaned or any interest, or any charges or any part thereof, and the pawnbroker loses all right to the possession of the goods, article or thing pawned, and shall surrender the same to the borrower or pawner upon due demand therefore."
(Ord. 2008-02. Passed 6-3-08.)
A licensed pawnbroker may charge upon any loan a rate of interest not to exceed three percent per month and is not required to accept any interest less than fifty cents ($0.50) on a single loan. A pawnbroker may also charge one dollar ($1.00) per month or fraction of a month for the storage of property under any single pledge or pawn. A pawnbroker or the pawnbroker's agent or employee shall not charge or receive interest on the loan in excess of the amounts provided for herein or by State law. Interest on any loan is not payable in advance and shall be computed on unpaid monthly balances without compounding. A pawnbroker is not entitled to any examination fee and shall not make any charge in excess of the amounts provided for in this chapter or by State law.
(Ord. 2008-02. Passed 6-3-08.)
Loading...