No person shall engage in business as a pawnbroker 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 same person so licensed,
and issued by an acceptable surety company, in form approved by the Village
Counsel, in an amount of $2,500 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 there on may be brought by any person to whom a judgment
has been awarded because of loss caused by such licensee's fault or default.
[Amended 11-3-1997 by L.L. No. 17-1997]
The license fee to be charged for carrying on the business shall be as set forth in Chapter 175, Fees, 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.
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 the
said goods, articles or things.
B.
Such book shall at all reasonable times be open to the
inspection of the Mayor, the Police Chief or of 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 any fraction of a month, for the first six months, and
2% per month for such 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.
No pawnbroker 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.
B.
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.
