[HISTORY: Adopted by the Board of Trustees of the Village of Tarrytown 2-26-1959 as Ord. 8.13 of the 1959 Unified Code of Ordinances; amended in its entirety at time of adoption of Code 5-6-1991 by L.L. No. 5-1991 (see Ch. 1, General Provisions, Art. III). Subsequent amendments noted where applicable.]
Licensing — See Ch. 209.
Except as otherwise provided by Article 5 of the General Business Law, no person shall engage in business as a collateral loan broker without first obtaining an annual license therefor.
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 Attorney, in an amount as adopted by resolution of the Board of Trustees, 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. 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.
Editor's Note: Such bond amount is on file and available for inspection in the office of the Village Clerk during regular office hours.
The license fee to be charged for carrying on the business shall be as adopted by resolution of the Board of Trustees for each year or the fraction of any year during which the licensed business is carried on.
Editor's Note: Such fee amount is on file and available for inspection in the office of the Village Clerk during regular office hours.
Every such collateral loan broker 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 thing.
Such book shall at all reasonable times be open to the inspection of the Mayor, the Police Chief or any police officer or any person who shall be duly authorized, in writing, by the Mayor for that purpose and who shall exhibit such written authority to such collateral loan broker.
Every such collateral loan broker shall, at the time of each loan, deliver to the person pawning or pledging any goods, article or thing a memorandum or note signed by him, containing the substance of the entry required to be made in his book by § 117-4 hereof, and no charge shall be made or received by any collateral loan broker for any such entry, memorandum or note.
No collateral loan broker shall ask, demand or receive any greater rate of interest than 3% per month or any fraction of a month for the first six months and 2% per month for each succeeding month upon any loan not exceeding the sum of $100 or more than 2% per month for the first six months and 1% per month for each succeeding month on any loan exceeding the sum of $100. A notice containing a list of such rates of interest as herein provided shall be conspicuously displayed within the premises of such collateral loan broker.
No collateral loan broker shall sell any pawn or pledge until the same shall have remained one year 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.
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 collateral loan broker to the person who would be entitled to redeem the pledge in case no such sale had taken place.