Agenda Packets - 2003/10/27 - Laserfiche WebLink

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regulation and review of licensed pawn dealers by city officials and authorized subscribers. BILLABLE TRANSACTIONS: Every reportable transaction conducted by a pawnbroker, except renewals, redemptions, or extensions of existing pawns on items previously reported and continuously in the licensee's possession. CONSIGNMENT: Acting as a sales agent for another, selling another person’s goods without having to first purchase said goods. ISSUING AUTHORITY: The City of Mounds View. ITEM CONTAINING PRECIOUS METAL: An item made in whole or in part of metal and containing more than one percent (1%) by weight of silver, gold or platinum. MANAGER: A person or persons designated by the licensee to operate and supervise the pawnshop under the provisions of this Chapter. MINOR: Any natural person under the age of eighteen (18) years. PAWNBROKER: A person engaged in whole or in part in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. The following are exempt from the definition of "pawnbroker": any bank regulated by the state of Minnesota, the comptroller of the currency of the United States, the Federal Deposit Insurance Corporation, the board of governors of the Federal Reserve system, or any other federal or state authority and their affiliates; any bank or savings and loan whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or any successor to it and all affiliates of those banks and savings and loan associations; any state or federally chartered credit union; any industrial loan and thrift company or regulated lender subject to licensing and regulation by the department of commerce. PAWNSHOP: The licensed location in which a pawnbroker conducts business. PERSON: One or more natural persons; a partnership, including a limited partnership; a corporation, including a foreign, domestic or nonprofit corporation, a trust, a political subdivision of the state; or any other business organization. PRECIOUS METAL DEALER: Except as exempted by MN Statutes Section 325F.732 Subd 2, any natural person, partnership or corporation engaging in the business of buying, selling or pawning secondhand items containing precious metal, including, but not limited to, jewelry, watches, eating utensils, candlesticks, and religious and decorative objects. PRECIOUS METALS: means Silver, gold or platinum. REDEMPTION PERIOD: The date by which an item of property that has been pawned must be redeemed by the pledger without risk that the item will be sold. Such date must be a day on which the pawnbroker or precious metal dealer is open for regular business.