The Stoughton Board of Selectmen may license suitable persons to be pawnbrokers pursuant to law. Such licenses shall not be valid to protect the holders thereof in a building or place other than that designated in the license, unless the Stoughton Board of Selectmen grants consent to said removal.
Applications for new licenses under these rules and regulations may be filed at any time with the Board of Selectmen. Applications for the re-issue of licenses already existing should be filed at least 30 days before the expiration of such licenses. All licenses issued under these rules and regulations shall expire annually on the last day of December. Persons whose licenses have expired and have not been re-issued will be liable to prosecution if carrying on the business for which the license is required.
Every person so licensed shall, at the time of receiving such license, file with the Stoughton Board of Selectmen a bond to the Town of Stoughton, in the sum of $300 as provided in Massachusetts General Laws, Chapter 140, § 77, with two sureties approved by the Stoughton Board of Selectmen, and conditioned for the faithful performance of the duties and obligations pertaining to the business so licensed.
Persons who engage in or carry on the business of lending money on mortgages, deposits or pledges of wearing apparel, jewelry, ornaments, household goods or other personal property, of purchasing such property on condition of selling the same back again at a stipulated price when the property so mortgaged, pledged, or purchased is deposited with the lender, must be licensed as pawnbrokers. This provision, however, does not apply to loans made on stock, bonds, notes, or other written or printed evidence of ownership of property or of indebtedness to the holder or owner of such securities (MGL c. 140, §§ 70 - 85).