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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.)
Title to the item pledged or pawned vests in the pawnbroker upon the expiration of three months or of any period beyond three months agreed upon by the parties if the borrower has not paid the debt, interest and charges on the item pledged or pawned. A pawnbroker shall not sell any pawn or pledge until the item has remained in his possession for at least three months. Thereafter, disposition of such item pawned or pledged shall be pursuant to applicable State law.
(Ord. 2008-02. Passed 6-3-08.)
If, at any time before the disposition of the item pledged or pawned, the borrower pays or tenders to the pawnbroker the debt and interests and charges on the item, that payment or tender reinvests the pawner with the title and right of possession to the property pledged.
(Ord. 2008-02. Passed 6-3-08.)
No pawnbroker shall deface, scratch, obliterate, melt, separate or break into parts any particle or thing received by him in pawn or otherwise, or in any manner do, cause or suffer to be done by others, anything which shall destroy or tend to destroy the identity of such article or render the identification thereof more difficult.
(Ord. 2008-02. Passed 6-3-08.)
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