(1) Unless a longer loan period is agreed upon by the pledgor and the pawnbroker, all loans shall be made for a period of 60 days. However, a pledge may be redeemed and the pledge loan repaid at any time before the loan period expires. All pawn tickets shall clearly state the expiration date of the loan.
(2) Except for a pledge securing a pledge loan of less than $500, before any pledge may be deemed forfeited, the pawnbroker after the expiration of the period mentioned in subsection (1) of this section must cause a notice to be given the pledgor as provided in this section. The notice shall notify the pledgor of the forfeiture of the pledge. The notice shall be in writing and delivered postpaid by certified mail, return receipt required, in a securely closed envelope addressed to the pledgor at the last-known address shown on the pawnbroker’s record. Delivery of a notice under this subsection occurs when the notice is mailed as provided in this subsection. The certified return receipt card or the returned envelope shall be kept on file by the pawnbroker for at least two years from date of mailing thereof as evidence of the notification. The postal costs and a reasonable charge for preparing the notice shall be borne by the pledgor. A pledgor shall have a grace period of 30 days after the delivery of the notice required by this subsection in which to redeem the pledge, or to renew the loan for one additional 60-day period, or less, by paying any renewal fee and all the accrued interest and fees to date. There shall be no grace period following the expiration of any renewal.
(3) Any pledge that is not redeemed within 30 days after the expiration of the 60-day loan period, or within the period of renewal, if any, shall be deemed forfeited and the pawnbroker shall thereby acquire all the right, title and interest of the pledgor therein to hold and dispose of the pledge as the pawnbroker’s own property. [Amended by 1973 c.449 §6; 1979 c.202 §7; 1981 c.192 §45; 1985 c.795 §2; 1997 c.842 §5]Section: Previous 726.330 726.340 726.350 726.360 726.370 726.380 726.390 726.395 726.400 726.410 726.420 726.430 726.440 726.910 726.990 Next
Last modified: August 7, 2008