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Page 4 <br />m. Pawning not permitted Precious metal dealers may not loan money <br />on deposit or pledge of personal property, or other valuable thing. <br />Precious metal dealers may not deal in the purchasing of personal <br />property or other valuable thing on condition of selling the same back <br />again at a stipulated price, or loan money secured by chattel mortgage <br />on personal property, taking possession of the property or any part <br />thereof so mortgaged. <br />5. Fees. <br />a. Investigation fee. <br />(1) The license and investigation fee shall be paid in full before <br />the application for a license shall be accepted. <br />(2) The investigation fee is designated in Section 4.01(A) of this <br />chapter. <br />• b. License fee. <br />A precious metal dealer business license shall be purchased annually. <br />The annual fee is designated in Section 4.01(A) of this chapter. <br />Upon rejection of any application for a license or upon withdrawal of any <br />application before city council approval, the license fee shall be refunded <br />in full to the applicant except where rejection is for a willful misstatement <br />in the license application. <br />6. Restrictions regarding license transfer Each license shall be issued to the <br />applicant only and shall not be transferable to any other person. No licensee <br />shall loan, sell, give or assign a license to another person. <br />7. Limitation on number of licenses The number of precious metal dealer <br />licenses issued in Falcon Heights in any calendar year shall not exceed one. <br />• <br />