PL PACKET 10152002 - Laserfiche WebLink

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Definitions. When used in this article, the following words shall mean: Pawnbroker.Any natural person, partnership or corporation, either as principal, or agent or employee thereof, who loans money on deposit or pledge of personal property, or other valuable thing, or who deals in the purchasing of personal property, or other valuable thing on condition of selling the same back again at a stipulated price, or who loans money secured by chattel mortgage on personal property,taking possession of the property or any part thereof so mortgaged. To the extent that a pawnbroker' s business includes buying personal property Previously used, rented or leased, or selling it on consignment, the provisions of this chapter shall be applicable. 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 redeemed, or for which a unique transaction number or identifier is generated by their point-of-sale software, is reportable except: (1) The bulk purchase or consignment 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. (2) Retail and wholesale sales of merchandise originally received by pawn or purchase, and for which all applicable hold and/or redemption periods have expired. Billable transaction. 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 is a billable transaction. License fees. (THE CURRENT MINNEAPOLIS ANNUAL FEE IS TWO THOUSAND FIVE HUNDRED DOLLARS ($2,500.00)). (a)The annual license fees for licenses issued under this chapter shall be: (b)The billable transaction license fee shall reflect the cost of processing transactions and other related regulatory expenses as determined by the city council, and shall be reviewed and adjusted, if necessary, every six(6) months. Licensees shall be notified in writing thirty(30) days before any adjustment is implemented. (c) Billable transaction fees shall be billed monthly and are due and payable within thirty (30) days. Failure to do so is a violation of this chapter. Application required. (THE REQUIREMENTS DETAILED HERE ARE INTENDED TO PROVIDE LICENSING AUTHORITIES ADEQUATE INFORMATION TO MAKE A GOOD DECISION RE. THE APPLICANT(S)) (a) (Contents.)An application form provided by the department of licenses and consumer services must be completed by every applicant for a new license or for renewal of an existing license. Every new applicant must provide all the following information: (1) If the applicant is a natural person: a. The name, place and date of birth, street resident address, and phone number of applicant. b. Whether the applicant is a citizen of the United States or resident alien. APS PAWN ORD LANGUAGE Rev 1.1.doc 2