CHAPTER 610: PAWNBROKERS
CHAPTER 610: PAWNBROKERS
SECTION 610.010: DEFINITION
As used in this Chapter, the following term shall mean:
PAWNBROKER: Any person engaged in the business of lending money on the security of pledged goods or engaged in the business of purchasing tangible personal property on condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time.
SECTION 610.020: LICENSE REQUIRED
No person or corporation shall conduct or operate the business of pawnbroker without having first obtained a license as is herein provided.
1. Any pawnbroker's license may be revoked by the Mayor and Board for any violation of any provisions of this Chapter.
2. No pawnbroker's license shall be issued to any person who is not eighteen (18) years of age or over. No person under eighteen (18) shall be an agent for any pawnbroker.
3. Change of address. In the event the licensee shall change the address stated in the application during the term for which the license is issued, such licensee shall notify the license collector of such change not later than one (1) day after such change. (Ord. No. 125 §2, 3-11-91)
SECTION 610.030: APPLICATION─INVESTIGATION
An application for a new pawnshop license, the transfer of an existing pawnshop license or the approval of a change in the ownership of a licensed pawnshop shall be under oath and shall state the full name and place of residence of the applicant, the place where the business is to be conducted, and other relevant information required by the City or County. If the applicant is a partnership, the City or County may require that the application state the full name and address of each member. If the applicant is a corporation, the application shall state the full name and address of each officer, shareholder and director. The application shall be accompanied by:
.1. An investigation fee of five hundred dollars ($500.00) if the applicant is unlicensed at the time of applying for the pawnshop license or two hundred fifty dollars ($250.00) if the application involves a second (2nd) or additional license to an applicant previously licensed for a separate location or involves substantially identical principals and owners of a licensed pawnshop at a separate location; and
.2. Proof of general liability if required by the City or County, and an annual fee of five hundred dollars ($500.00).
SECTION 610.040: AGENTS
No person shall act as agent for a pawnbroker at any other place than the place of business stated in the application for a license. (Ord. No. 125 §4, 3-11-91)
SECTION 610.050: BOND REQUIRED
Each applicant for a pawnshop license at the time of filing application shall file with the City or County, if the City or County so requires, a bond satisfactory to him/her and in an amount not to exceed five thousand dollars ($5,000.00) for each license with a surety company qualified to do business in this State. The aggregate liability of such surety shall not exceed the amount stated in the bond. The bond shall run to the State for the use of the State and of any person or persons who may have a cause of action against the obligor of such bond under the provisions of Sections 367.011 to 367.060, RSMo. Such bond shall be conditioned that the obligor will comply with the provisions of Sections 367.011 to 367.060, RSMo., and of all rules and regulations lawfully made by the City or County, and will pay to the State and to any such person or persons any and all amounts of money that may become due or owing to the State or to such person or persons from such obligor under and by virtue of the provisions of Sections 367.011 to 367.060, RSMo., during the time such bond is in effect.
SECTION 610.060: COMPLIANCE WITH STATE LAW
Every pawnbroker shall fully comply with all the requirements and provisions of Sections 367.011 to 367.060, RSMo., and any other State or Federal laws concerning pawnbrokers. (Ord. No. 125 §6, 3-11-91)
SECTION 610.070: MAXIMUM RATE OF INTEREST
It shall be unlawful for any pawnbroker to charge or to receive more than the lawful rate of interest on any loan made by him/her. (Ord. No. 125 §7, 3-11-91)
SECTION 610.080: REGISTER TO BE MAINTAINED
Every pawnbroker shall keep at his/her place of business a register in which he/she shall enter in writing a description of all property taken in, purchased or received, including any identification mark or serial number that may be in or upon any article; together with the time when such property is received; and the name and place of business or residence of each such person leaving such property, giving the street and number if within the City; along with other identifying information such as driving license number, social security number, or vehicle license number; also the amount loaned; the interest charged; and the time when the loan falls due. This register shall be a well-bound book and shall be kept clean and legible. The pawnbroker shall make such entries within one (1) hour after the receipt of or purchase of any property. Every entry shall be made in ink and shall not in any manner be erased, obliterated or defaced. Such register shall be maintained in chronological order for a period of at least three (3) years. A copy of such register shall be forwarded in a weekly basis to the City Police Department to become part of their record. (Ord. No. 125 §8, 3-11-91)
SECTION 610.090: ACCESS TO RECORDS, PROPERTY BY OFFICERS
The record of transactions required by this Chapter, and any and all property owned, pledged, purchased or received by any pawnbroker, shall at all times be open to inspection of the Chief of Police or any Policeman of the City or the City Attorney. (Ord. No. 125 §9, 3-11-91)
SECTION 610.100: RECEIPTS OF PROPERTY
At the time of making any secured personal credit loan, the lender shall execute and deliver to the borrower a receipt for and describing the tangible personal property subjected to the security interest to secure the payment of the loan. The receipt shall contain the following:
.1. The name and address of the pawnshop;
.2. The name and address of the pledgor, the pledgor's description, and the driver's license number, military identification number, identification certificate number, or other official number capable of identifying the pledgor;
.3. The date of the transaction;
.4. An identification and description of the pledged goods, including serial numbers if reasonably available;
.5. The amount of cash advanced or credit extended to the pledgor;
.6. The amount of the pawn service charge;
.7. The total amount which must be paid to redeem the pledged goods on the maturity date;
.8. The maturity date of the pawn transaction; and
.9. A statement to the effect that the pledgor is not obligated to redeem the pledged goods, and that the pledged goods may be forfeited to the pawnbroker sixty (60) days after the specified maturity date.
SECTION 610.110: REDEMPTION OF ARTICLES─RESALE BY PAWNBROKER
A. In the event the person obtaining a loan fails to pay the interest when due, the pawnbroker shall not sell the article or articles pawned with him/her as security for such loan until after the expiration of sixty (60) days from the date of such failure and the person so failing may at any time within the said sixty (60) days redeem said article or articles; provided that he/she pay the full amount of principal and interest due according to the terms of the contract at the date of redemption.
B. If the person obtaining the loan fails to redeem the pawned article or articles within the said sixty (60) days as above provided, he/she shall thereby forfeit all his/her right, title and interest in and to such article or articles to the said pawnbroker who shall thereby acquire and possess an absolute right in and to them. (Ord. No. 125 11, 3-11-91)
SECTION 610.120: DEALING WITH CERTAIN INDIVIDUALS
No person engaged in the business as a pawnbroker shall purchase or receive any goods, articles or things of value offered such person from any person under the age of eighteen (18) years, or from any person who is at the time intoxicated, nor from any person whatsoever between the hours of 8:00 P.M. and 7:00 A.M. (Ord. No. 125 §12, 3-11-91)
SECTION 610.130: STOLEN GOODS
It shall be the duty of every pawnbroker to report to the Police any article pledged with him/her, or which is sought to be pledged with him/her, if he/she shall have reason to believe that the article was taken or lost, and found by the person attempting to pledge it, in the case of a lost article. (Ord. No. 125 §13, 3-11-91)
SECTION 610.140: WEAPONS
No pawnbroker shall receive as a pledge or purchase any revolver, pistol, black jack or sawed-off shotgun, and no pawnbroker shall display in his/her window or shop any such weapons for sale. (Ord. No. 125 §14, 3-11-91)
SECTION 610.150: PENALTIES FOR VIOLATION
Violation of this Chapter may result in:
.1. Revocation of pawnbrokers' licenses;
.2. A fifty dollar ($50.00) to five hundred dollar ($500.00) fine per violation;
.3. Up to thirty (30) days in Jail;
.4. State or County prosecution; and
.5. Any combination of the above. (Ord. No. 125 §15, 3-11-91)