[HISTORY: Adopted by the Common Council of the City of Albany 7-18-1983 by L.L. No. 2-1983 as Ch. VII, Art. II, Div. 8, of the 1983 Code; amended in its entirety 2-6-1984. Subsequent amendments noted where applicable.]
[Amended 11-25-2002 by Ord. No. 42.112.02]
The City Clerk of the City of Albany is hereby authorized to grant, from time to time, under his hand and the Official Seal of his office, to such citizens as he may deem proper, and who shall produce to him satisfactory evidence of their good character, a license authorizing such citizen or citizens to carry on the business of collateral loan broker, which license shall designate the house in which such person shall carry on said business and the length of time for which such license is issued, provided that such person desiring said license shall make application to said City Clerk, in writing, for said license and shall file with such application the sum of $137.50 annually.
All money collected for such license shall be paid to the City Treasurer of the City of Albany.
It shall be unlawful for any person to conduct or carry on the business of collateral loan broking unless a license therefor has been duly issued as herein provided. Any person violating the provisions of this section shall incur a penalty of twenty-five dollars ($25.).
No premises in which the business of a collateral loan broker is conducted, either alone or in connection with some other business, in the City of Albany shall be open except between the hours of 8:00 a.m. and 6:00 p.m. on weekdays, and excepting Saturdays, when such premises may be open until 9:00 p.m.
Every person carrying on or conducting the business of a collateral loan broker under a license duly issued as hereinbefore specified is hereby required to report in writing, daily, to the Chief of Police, in such form as said Chief of Police may prescribe, all articles, with a description thereof, on which he has made loans and all articles or things whatsoever, including watches, jewelry, wearing apparel and furs, which he has purchased during the twenty-four (24) hours immediately preceding the delivery of such report, together with the name and address of the person or persons from whom such articles or things have been purchased and the amount paid by the licensee therefor.
When a person licensed as a collateral loan broker shall refuse or neglect to make the reports hereby required or shall make any false entry in such report or in any manner report falsely or shall omit to make a full and complete report, he shall incur a penalty of not less than twenty-five dollars ($25.) nor more than one hundred dollars ($100.) for each and every such offense.
Every person so licensed as hereinbefore provided shall, at the time of receiving such license, file with the City Clerk granting the same a bond to the City of Albany, to be executed by the person so licensed and by two (2) responsible sureties, in the penal sum of ten thousand dollars ($10,000.), to be approved by the Corporation Counsel, which bond shall be conditioned for the faithful performance of the duties and obligations pertaining to the business so licensed and the observance of all laws and ordinances relating thereto, and the City Clerk shall have full power and authority to revoke such license for cause.
Every collateral loan broker so licensed as hereinbefore provided 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, the name and residence of the person pawning or pledging said goods, articles or things; and every such collateral loan broker shall, at the time of each loan, deliver to the person pawning or pledging any goods, articles or things, a memorandum or note signed by him, containing the substance of the entry required to be made in his book, as in this section provided, and no charge shall be made or received by any collateral loan broker for any such entry, memorandum or note. Said book shall, at all reasonable times, be open to the inspection of the City Clerk or the Judge of the criminal courts, the Chief of Police, Captains of Police and Police Justice of the City of Albany, or any or either of them.
No collateral loan broker, licensed as hereinbefore provided, shall ask, demand or receive any greater rate of interest than three percent (3%) per month or any fraction of a month for the first six (6) months and two percent (2%) per month for each succeeding month, upon any loan not exceeding the sum of one hundred dollars ($100.), or more than two percent (2%) per month for the first six (6) months and one percent (1%) per month for each succeeding month on any loan exceeding the sum of one hundred dollars ($100.); no such collateral loan broker shall make any charge for parking, storing, keeping or caring for any article, goods or thing pledged and upon which a loan has been made, and no such pawnbroker shall sell any pawned or pledged article until the same shall have remained one (1) year in his possession, and all such sales shall be at public auction and not otherwise and shall be conducted by licensed auctioneers doing business in the City of Albany.
Notice of every such sale shall be published for at least six (6) days previous thereto in the official newspaper or newspapers printed in the City of Albany, and each such notice shall specify the time and place at which such sale shall take place, the name of the auctioneer by whom the same is to be conducted and a general description of the kind of article to be sold, together with a statement of the inclusive dates of the pawn tickets representing the pledges to be sold. Any person, including the collateral loan broker, may become the purchaser of any or all goods, articles or things to be sold at any such sale. The surplus money, if any, arising from the sale of each article or thing at such sale, after deducting the amount loaned therefor, the interest due thereon and the expenses of the advertising and sale apportionable thereto, shall be paid over by the collateral loan broker to the person who would have been entitled to redeem the same in the event such sale had not taken place.
A violation of the provisions of either of the foregoing sections, by any person licensed as hereinbefore provided, shall be sufficient cause for a revocation of said license by the City Clerk as provided in § 147-6.
Any ordinance inconsistent with this chapter is hereby repealed; and this chapter shall take effect immediately.