The following words, terms and phrases, when used in this chapter,
shall have the meanings ascribed to them in this section, except where
the context clearly indicates a different meaning:
Contract for purchase
means a contract entered into between a pawnbroker and a
customer pursuant to which money is advanced to the customer by the
pawnbroker upon the delivery of tangible personal property by the
customer on the condition that the customer, for a fixed price and
within a fixed period of time, not to exceed 90 days, has the option
to cancel such contract.
Fixed price
means the amount agreed upon to cancel a contract for purchase
during the option period. A fixed price shall not exceed:
(1)
One-tenth of the original purchase price for each month, plus
the original purchase price, on amounts of $50.00 or more; or
(2)
One-fifth of the original purchase price for each month, plus
the original purchase price, on amounts under $50.00.
Fixed time
means the period, not to exceed 90 days, as set forth in
a contract for purchase, for an option to cancel such contract.
Option
means the fixed time and fixed price agreed upon by the customer
and the pawnbroker, in which a contract for purchase may be, but does
not have to be, rescinded by the customer.
Pawnbroker
means a person regularly engaged in the business of making
contracts for purchase or purchase transactions in the course of business.
Purchase transaction
means the purchase by a pawnbroker in the course of business
of tangible personal property for resale, other than newly manufactured
tangible personal property which has not been previously sold at retail,
when such purchase does not constitute a contract for purchase.
Tangible personal property
means all personal property other than choses in action,
securities or evidence of indebtedness, which property is deposited
with or otherwise actually delivered into the possession of a pawnbroker
in the course of business in connection with a contract for purchase
or purchase transaction.
(Code 1994 § 10-146; Code 1965 § 17-70)
Any person who shall engage in the business of pawnbrokering
shall be termed a pawnbroker and be subject to licensure and the other
provisions of this code.
(Code 1994 § 10-147; Code 1965 § 17-71)
No license required by this chapter shall be granted to any
person who has been convicted of a felony. No license required by
this chapter shall be granted in conjunction with any business where
beer or other alcoholic beverages are sold or consumed or in conjunction
with which there is operated any card room, billiard room or other
place of amusement.
(Code 1994 § 10-148; Code 1965 § 17-72)
The fee for each license required by this chapter shall be as
established by resolution of the City Council and on file in the City
Clerk’s office and shall be payable in advance.
(Code 1994 § 10-149; Code 1965 § 17-73)
Each applicant for a pawnbroker’s license shall, prior
to being issued a license, give a bond in the sum of $2,000 to ensure
the faithful observance of the provisions of this chapter and for
the safekeeping and return of the articles held under a contract of
purchase.
(Code 1994 § 10-150; Code 1965 § 17-74)
(a) A
pawnbroker shall keep a numerical register in which he shall record
the following information: The name, address and date of birth of
the customer and driver’s license number or other identification
number from any other form of identification which is allowed for
the sale of valuable articles pursuant to §
18-16-103, C.R.S., or for the sale of secondhand property pursuant to §
18-13-114, C.R.S.; the date, time and place of the contract for purchase or
purchase transaction; and an accurate and detailed account and description
of each item of tangible personal property, including but not limited
to any trademark, identification number, serial number, model number,
brand name or other identifying marks on such property. The pawnbroker
shall also obtain a written declaration of the customer’s ownership
which shall state that the tangible personal property is owned by
the customer, or shall have attached to such declaration a power of
sale from an owner to the customer; how long the customer has owned
the property; whether the customer or someone else found the property
and, if the property was found, the details of the finding.
(b) The
customer shall sign his name in the pawnbroker’s register and
on the declaration of ownership and shall be given a copy of the contract
for sale or a receipt of the purchase transaction.
(c) The
pawnbroker’s register shall be made available to any local law
enforcement agency for inspection at any reasonable time.
(d) The
pawnbroker shall keep each register required by this section for at
least three years after the date of the last transaction entered into
the register.
(e) A
pawnbroker shall hold all contracted goods for a period of 10 days
following the maturity date of the contract for purchase, during which
time such goods shall be held separate and apart from any other tangible
personal property and shall not be changed in form or altered in any
way.
(f) A
pawnbroker shall hold all property purchased by him through a purchase
transaction for 30 days following the date of purchase, during which
time such property shall be held separate and apart from any other
tangible personal property and shall not be changed in any form or
altered in any way.
(g) Every pawnbroker shall provide the local law enforcement agency, on a daily basis, with two records, on forms to be provided or approved by the local law enforcement agency, of all tangible personal property accepted during the preceding week and one copy of the customer’s declaration of ownership. The forms shall contain the same information required to be recorded in the pawnbroker’s register pursuant to subsection
(a) of this section.
(Code 1994 § 10-151; Code 1965 § 17-75)
(a) No
pawnbroker shall enter into a contract for purchase or purchase transaction
with any individual under the age of 18 years, or with any person
who is visibly intoxicated.
(b) No
pawnbroker licensed under this chapter shall purchase outright any
secondhand goods for the purpose of resale without first obtaining
a license to deal in secondhand goods as required by this code.
(Code 1994 § 10-152; Code 1965 § 17-76)