45-6-202 - Purpose.
45-6-202. Purpose.
The making of pawn loans and the acquisition and disposition of tangible personal property by and through pawnshops vitally affects the general economy of this state and the public interest and welfare of its citizens. It is the policy of this state and the purpose of this part to:
(1) Ensure a sound system of making loans and acquiring and disposing of tangible personal property by and through pawnshops and to prevent unlawful property transactions, particularly in stolen property, through licensing and regulating pawnbrokers and certain persons employed by or in pawnshops;
(2) Provide for licensing fees, investigation fees, and minimum capital requirements of licensees;
(3) Ensure financial responsibility to the state and the public;
(4) Ensure compliance with federal and state laws; and
(5) Assist local governments in the exercise of their police power.
[Acts 1988, ch. 724, § 2.]