44-1621
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44-1621. Definitions In this article, unless the context otherwise requires: 1. "Designee" means a local law enforcement agency designated in writing by a county sheriff to perform designated duties specified in this article on behalf of the sheriff. 2. "Identification document" means a valid driver license, a valid nonoperating identification license, a valid armed forces identification card or any other valid government issued photo identification. 3. "Loan" means advancing money on the security of pledged goods or purchasing tangible personal property on the condition that it may be redeemed or repurchased by the seller for a fixed or variable price within a fixed or variable period of time. 4. "Local law enforcement agency" means the chief of police, the police department or the town marshal, if applicable to a city or town, or the county sheriff, the sheriff's designee or the county sheriff's department, if applicable to a county. 5. "Maturity date" means the date specified on the pawn ticket by which the pledged goods must be redeemed or the pawn ticket must be renewed. 6. "Misrepresentation" means a false or misleading representation made by a person with an intent to deceive or defraud. 7. "Omission" means a failure to include or to take notice of or the leaving out of pertinent information by a person with an intent to mislead. 8. "Pawn ticket" means the actual executed document that records the pawn transaction and describes the conditions of the loan agreement between the pawnbroker and pledgor. 9. "Pawn transaction" means either the act between the pawnbroker and a person pledging tangible personal property or extending credit on the security of pledged goods or the act of purchasing tangible personal property with an express or implied agreement or understanding that it may be redeemed or repurchased by the seller for a fixed or variable price within a fixed or variable period of time, except that a good faith outright purchase of tangible personal property is not a pawn transaction. 10. "Pawnbroker" means a person who is engaged in the business of advancing money on the security of pledged goods or is engaged in the business of purchasing tangible personal property on the condition that it may be redeemed or repurchased by the seller for a fixed or variable price within a fixed or variable period of time. 11. "Pawnshop" means the location or premises at which a pawnbroker is licensed to regularly conduct the pawnbroker's business. 12. "Pledged goods" means tangible personal property which is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of the pawnbroker's business in connection with the pawn transaction. 13. "Pledgor" means the person leaving the personal property with the pawnbroker and executing the pawn ticket. 14. "Redeem" or "redemption" means the act of the pledgor or the pledgor's agent of retrieving and paying in full all charges and fees for the pledged goods left with the pawnshop. 15. "Reportable transaction" means any transaction conducted by a pawnbroker in which merchandise is received through a pawn, purchase, trade or consignment. 16. "Transaction date" means the initial date of the reportable transaction. |