[HISTORY: Adopted by the Board of Trustees of the Village of Freeport 5-9-1966
by Art. III of Ch. 14 of the 1966 Code. Amendments noted where applicable.]
No person shall engage in business as a pawnbroker without first obtaining
an annual license therefor.
A.
Every applicant hereunder shall file with the Village
Clerk, prior to the delivery of a license, a surety bond executed by the person
so licensed and issued by an acceptable surety company, in form approved by
the Village Counsel, in an amount of $10,000 and conditioned for the faithful
performance of the duties and obligations pertaining to the business so licensed
as set forth by ordinance and by the laws of the State of New York.
B.
Such bond shall provide that action thereon may be brought
by any person to whom a judgment has been awarded because of loss caused by
such licensee's fault or default.
The license fee to be charged for carrying on the business shall be
$250 for each year ending on the first day of May or the fraction of any year
during which the licensed business is carried on.
A.
Contents. Every such pawnbroker shall keep a book in
which shall be fairly written, at the time of such loan, an account and description
of the goods, articles or things pawned or pledged, the amount of money loaned
thereon, the time of pledging the same, the rate of interest to be paid on
such loan, and the name and residence of the person pawning or pledging said
goods, articles or things.
B.
Accessibility. Such book shall be open at all reasonable
times to the inspection of the Mayor, the Chairman of the Board of Police
Commissioners or any person who shall be duly authorized in writing for that
purpose by any or either of them and who shall exhibit such written authority
to such pawnbroker.
No pawnbroker shall ask, demand or receive any greater rate of interest
than 3% per month or fraction of a month for the first six months and 2% per
month for each succeeding month upon any part of a loan not exceeding $100
or than 2% per month or fraction of a month for the six months and 1% per
month or any fraction of a month for each succeeding month on any part of
any loan in excess of $100. A minimum interest charge of $0.25 per month may
be made on any loan. No pawnbroker shall receive or be entitled to any interest
or charges on any such loan for any period of time exceeding 15 months from
the date of the making of such loan.
A.
Restriction. No pawnbroker shall sell any pawn or pledge
until the same shall have remained six months in his possession, and all such
sales shall be at public auction and not otherwise and shall be conducted
by an auctioneer licensed by the Village.
B.
Disposition of surplus money. The surplus money, if any,
arising from any such sale, after deducting the amount of the loan, the interest
then due on the same and the expense of the advertisement and sale, shall
be paid over by the pawnbroker to the person who would be entitled to redeem
the pledge in case no such sale had taken place.
