[Code 1964, § 8-160]
No person shall engage in or carry on the business of a collateral
loan broker (pawnbroker) within the City without first obtaining a
license to do so from the City Clerk, nor shall the person continue
in the business after the license has been revoked.
[Code 1964, § 8-161]
(a)
No pawn or pledge made with a collateral loan broker (pawnbroker)
shall be sold until the pawn or pledge has remained six months in
the collateral loan broker's possession.
(b)
All sales of defaulted pledges shall be by public auction with
each pledge being individually offered for sale and shall be conducted
by licensed auctioneers within the state. All bids for the purchase
of any defaulted pledge offered at the sale shall be oral and expressed
in dollars and cents without the use of any special signs, signals
or motions, if less than 11 people attend the sale.
[Code 1964, § 8-162]
Every collateral loan broker (pawnbroker) licensed under the
provisions of this article shall, before 10:00 a.m. of every business
day report to the Chief of Police, upon a blank furnished by the Bureau
of Police, a full description of property received in pawn during
the preceding 24 hours, with the number of the ticket and the name
and description of the person pawning the property.
[Ord. No. 219, 10-6-2004]
The term "collateral loan broker (pawnbroker)" is defined as
set forth in § 52 of New York State General Business Law.
[Ord. No. 219, 10-6-2004]
The fixed annual license fee for collateral loan brokers (pawnbrokers)
shall be $250 for the yearly renewable license fee and all applicants
are required to post a $10,000 penal bond for faithful performance
of the requirements of conducting a pawnbroker business.
