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Ordinance Page 4 PRECIOUS METAL DEALER: Except as exempted by MN Statutes Section 325F.731, 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. REPORTABLE TRANSACTION: Every transaction conducted by a pawnbroker in which merchandise is received through a pawn, purchase, consignment or trade, or in which a pawn is renewed, extended, or for which a unique transaction number or identifier is generated by their point of sale software, is reportable, except: A. The bulk purchase of new or used merchandise from a merchant, manufacturer, or wholesaler having an established permanent place of business, and the retail sale of said merchandise, provided the pawnbroker must maintain a record of such purchase or consignment which describes each item, and must mark each item in a manner which relates it to that transaction record. B. Retail and wholesale sales of merchandise originally received by pawn or purchase, and for which all applicable hold and/or redemption periods have expired. 516.03 LICENSE REQUIRED: No person shall exercise, carry on or be engaged in the trade or business of pawnbroker within the city unless such person is currently licensed in accordance with this chapter to be a pawnbroker. Pawnbrokers shall also maintain and display at all times a current and valid Precious Metal Dealer License issued by Ramsey County. 516.04 APPLICATION FOR LICENSE: Every application for license under this chapter, whether for a natural person, partnership, corporation or other organization, shall be made on a form supplied by the City and shall contain all information as required on that form by law. Subd. 1. All applications for a license under this chapter shall be signed and sworn to under oath or affirmation by applicant. If the application is that of a natural person, it shall be signed and sworn to by such person; if that of a corporation, by an officer thereof; if that of a partnership, by one of the general partners; and