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PAWNBROKER: A person who loans money on deposit or pledge of personal property or <br />other valuable thing or who deals in the purchasing of personal property or other valuable <br />thing on condition of selling that same thing back again at a stipulated price or who loans <br />money secured by chattel mortgage or personal property, taking possession of the <br />property or any part thereof so mortgaged. To the extent that a pawnbroker business <br />includes buying personal property previously used, rented, or leased, the provisions of <br />this Chapter shall be applicable. Pawnbroker does not include businesses or persons <br />who engage in transactions in which a used or secondhand item is exchanged for a new <br />item and the value of the new item exceeds the value of the secondhand item, or who <br />buys and sells used goods or equipment of a specialized nature such as exercise or <br />sporting equipment, or children’s clothes. <br /> <br />A bank, savings and loan association, or credit union shall not be deemed a pawnbroker <br />for purposes of this Chapter. <br /> <br />PAWNSHOP: Any business establishment operated by a pawnbroker. <br /> <br />PERSON: One or more natural persons; a partnership, including a limited partnership; a <br />corporation, including a foreign, domestic or nonprofit corporation, a trust, a political <br />subdivision of the state; or any other business organization. <br /> <br />PRECIOUS METAL DEALER: Any person engaging in the business of buying coins or <br />secondhand items containing precious metal, including, but not limited to, jewelry, <br />watches, eating utensils, candlesticks, and religious and decorative objects. Persons <br />conducting the following transactions shall not be deemed to be precious metal dealers: <br /> <br />A. Transactions at occasional "garage" or "yard" sales, or estate sales or auctions <br />held at the decedent's residence, except that precious metal dealers must comply <br />with the requirements of Minn. Stat. §§ 325F.734 to 325F.742, for these <br />transactions. <br />B. Transactions regulated by Minnesota Statutes, chapter 80A. <br />C. Transactions regulated by the Federal Commodity Futures Commission Act. <br />D. Transactions involving the purchase of precious metal grindings, filings, slag, <br />sweeps, scraps or dust from an industrial manufacturer, dental lab, dentist or <br />agent thereof. <br />E. Transactions involving the purchase of photographic film such as lithographic and <br />x-ray film or silver residue or flake covered in lithographic and x-ray film <br />processing. <br />F. Transactions involving coins or bullion in ingots. <br />G. Transactions in which the secondhand item containing precious metal is <br />exchanged for a new item containing precious metal and the value of the new item <br />exceeds the value of the secondhand item, except that a person who is a precious <br />metal dealer by engaging in a transaction which is not exempted by this Section <br />must comply with the requirements of Minn. Stat. §§ 325F.734 to 325F.742 <br />H. Transactions between precious metal dealers if both dealers are licensed under <br />Minnesota Statutes, section 325F.733, or if the seller's business is located outside <br />of the State and the item is shipped from outside the State to a dealer licensed <br />under Minnesota Statutes, section 325F.733.