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Ordinance 712 <br />Page 10 <br /> <br />Subd. 6. Police Order To Hold Property: Whenever the police department notifies the <br />pawnbroker not to sell an item, the item shall not be sold or removed from the <br />licensed premises until authorized to be released by the police department. <br />Subd. 7. Holding Period Of Pawnbrokers: Any item sold or pawned to a pawnbroker <br />for which a report to the police is required under this chapter shall not be sold <br />or otherwise transferred for ninety (90) days after the date of the sale or pawn. <br />However, an individual may redeem an item pawned seventy two (72) hours <br />after the item was received on deposit by the pawnbroker, excluding Sundays <br />and legal holidays. <br />Subd. 8. Receipt: The pawnbroker shall provide a receipt to the seller or pledger <br />of any item of property received, which shall include: <br />a. The name, address and phone number of the pawnbroker or precious metal <br />dealer business. <br />b. The date on which the pawnbroker or precious metal dealer received the <br />item. <br />c. A description of the item received and amount paid to the pledger or seller in <br />exchange for the item pawned or sold. <br />d. The signature of the pawnbroker or precious metal dealer or agent. <br />e. The last regular business day by which the item must be redeemed by the <br />pledger without risk that the item will be sold and the amount necessary to <br />redeem the pawned item on that date. <br />f. The annual rate of interest charged on pawned items received. <br />g. The name, address, and signature of the seller or pledger. <br />Subd. 9. Hours Of Operation: No pawnbroker shall be open for the transaction of <br />business on any day of the week before eight o'clock (8:00) A.M. or after eight <br />o'clock (8:00) P.M. <br />Subd. 10. Minors: The pawnbroker shall not purchase or receive personal property <br />of any nature on deposit or pledge from any minor. <br />Subd. 11. Inspection Of Items: The pawnbroker shall at all times during the term of <br />the license allow the police department to enter the premises where the <br />pawnbroker business is located, for the purpose of inspecting such premises <br />and inspecting the items, wares and merchandise therein for the purpose of <br />locating items suspected or alleged to have been stolen or otherwise <br />improperly disposed of. <br />