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.
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.