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Ordinance 712 <br />Page 4 <br /> <br />REDEMPTION PERIOD: The date by which an item of property that has been pawned <br />must be redeemed by the pledger without risk that the item will be sold. Such date <br />must be a day on which the pawnbroker or precious metal dealer is open for regular <br />business. <br />REPORTABLE TRANSACTION: Every transaction conducted by a pawnbroker in <br />which merchandise is received through a pawn or purchase, or in which a pawn is <br />renewed, extended, or for which a unique transaction number or identifier is <br />generated by their point of sale software, is reportable, except: <br />A. The bulk purchase of new or used merchandise from a merchant, manufacturer, or <br />wholesaler having an established permanent place of business, and the retail sale <br />of said merchandise, provided the pawnbroker must maintain a record of such <br />purchase which describes each item, and must mark each item in a manner which <br />relates it to that transaction record. <br />B. Retail and wholesale sales of merchandise originally received by pawn or <br />purchase, and for which all applicable hold and/or redemption periods have <br />expired. <br /> <br />516.03 LICENSE REQUIRED: No person shall exercise, carry on or be engaged <br />in the trade or business of pawnbroker within the city unless such person is currently <br />licensed in accordance with this chapter to be a pawnbroker. Pawnbrokers shall also <br />maintain and display at all times a current and valid Precious Metal Dealer License <br />issued by Ramsey County. <br /> <br />516.04 APPLICATION FOR LICENSE: Every application for license under this <br />chapter, whether for a natural person, partnership, corporation or other organization, <br />shall be made on a form supplied by the City and shall contain all information as <br />required on that form by law. <br />Subd. 1. All applications for a license under this chapter shall be signed and sworn <br />to under oath or affirmation by applicant. If the application is that of a natural <br />person, it shall be signed and sworn to by such person; if that of a corporation, <br />by an officer thereof; if that of a partnership, by one of the general partners; <br />and if that of an unincorporated association, by the manager or managing <br />officer thereof. <br />Subd. 2. Any falsification on a license application shall result in the denial of a <br />license. <br />Subd. 3. No Pawnbroker License will be issued, renewed or transferred without a <br />public hearing conducted by the City Council after a notice has been published <br />in the official City newspaper at least ten (10) days in advance of the hearing.