As used in this chapter, unless the context requires otherwise:
(1) “Director” means the Director of the Department of Consumer and Business Services.
(2) “Pawnbroker” means any person, copartnership, association or corporation:
(a) Lending money at a higher rate of interest than 10 percent per annum on the deposit or pledge of personal property other than choses in action, vehicles required by law to be registered with the Department of Transportation, securities or printed evidences of indebtedness;
(b) Purchasing any personal property other than choses in action, vehicles required by law to be registered with the Department of Transportation, securities or printed evidences of indebtedness on the direct or implied condition of selling it back at a stipulated price that would amount to the payment of interest or consideration in excess of 10 percent per annum; or
(c) Doing business as storage warehouseman and lending money at a higher rate of interest than 10 percent per annum upon goods, wares, merchandise or personal property pledged or deposited as collateral security other than vehicles required by law to be registered with the Department of Transportation.
(3) “Pledge” means any article deposited with a pawnbroker in the course of the business of the pawnbroker as defined in subsection (2) of this section.
(4) “Pledgor” means the person who delivers a pledge into the possession of a pawnbroker, unless the person discloses that the person is or was acting for another, in which event “pledgor” means the disclosed principal.
(5) “Pledge loan” means a loan made by a pawnbroker to a pledgor and secured by a pledge. [Amended by 1971 c.168 §1; 1985 c.762 §135; 1987 c.373 §71; 1993 c.744 §27]
Section: 726.010 726.020 726.030 726.040 726.050 726.060 726.070 726.075 726.080 726.090 726.100 726.110 726.120 726.125 726.130 NextLast modified: August 7, 2008