Ordinance No. 712 - Laserfiche WebLink

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Subd. 7. Holding Period Of Pawnbrokers: a. Anv item pawned to a pawnbroker for which a report to the police is required under this chapter shall not be sold or otherwise transferred for ninety (90) days after the date of the pawn. However, an individual may redeem an item pawned seventy two (72) hours after the item was received on deposit by the pawnbroker, excluding Sundays and legal holidays. b. Anv item sold outright to a pawnbroker for which a report to the police is required under this chapter shall not be sold or otherwise transferred for thirty (30) days after the date of the initial purchase. Subd. 8. Receipt: The pawnbroker shall provide a receipt to the seller or pledger of any item of property received, which shall include: a. The name, address and phone number of the pawnbroker or precious metal dealer business. b. The date on which the pawnbroker or precious metal dealer received the item. c. A description of the item received and amount paid to the pledger or seller in exchange for the item pawned or sold. d. The signature of the pawnbroker or precious metal dealer or agent. • e. The last regular business day by which the item must be redeemed by the pledger without risk that the item will be sold and the amount necessary to redeem the pawned item on that date. f. The annual rate of interest charged on pawned items received. g. The name, address, and signature of the seller or pledger. Subd. 9. Hours Of Operation: No pawnbroker shall be open for the transaction of business on any day of the week before eight o'clock (8:00) A.M. or after eight o'clock (8:00) P.M. Subd. 10. Minors: The pawnbroker shall not purchase or receive personal property of any nature on depositor pledge from any minor. Subd. 11. Inspection Of Items: The pawnbroker shall at all times during the term of the license allow the police department to enter the premises where the pawnbroker business is located, for the purpose of inspecting such premises and inspecting the items, wares and merchandise therein for the purpose of locating items suspected or alleged to have been stolen or otherwise improperly disposed of. Subd. 12. License Display: A license issued under this chapter must be posted in a conspicuous place in the premises for which it is used. The license issued is only effective for the compact and contiguous space specified in the approved license application. Anv additional required county and state licenses shall be similarly posted. 10