[HISTORY: Adopted by the Town Council of the Town of Stratford 7-13-1992. Amendments noted where applicable.]
Loans on intangible property are excepted.
No person, corporation or partnership shall engage in or carry on the business of loaning money upon deposits or pledges of wearing apparel, jewelry, ornaments, household goods or other personal property, or of purchasing such property on condition of selling the same back again at a stipulated price, unless such person, corporation or partnership is licensed as a pawnbroker.
[Amended 3-12-2007 by Ord. No. 07-03]
The Mayor may grant licenses to suitable persons to be pawnbrokers and to carry on the business of lending money on the pledge of personal property, or of purchasing such property on condition of selling it back again at a stipulated price, and may revoke such licenses for cause. The person so licensed shall pay a license fee of $50, and $25 per year thereafter for renewal of such license, and shall, at the time of receiving such license, file a bond with competent surety in the penal sum of $2,000 and conditioned for the faithful performance of the duties and obligations pertaining to the business so licensed. Each such license shall designate the place where such business is to be carried on and shall continue one year unless sooner revoked.
Any license issued pursuant to this chapter shall remain on public display at all times and shall be readily accessible. All employees of such licensee shall be at least 18 years of age and shall not have been convicted of any criminal offense. A current list of all such employees shall be provided to the Chief of Police at least annually, or upon reasonable demand, which list shall include such employees' full name, address, date of birth, social security number and telephone number.
Record of pledges and borrowers. Each such pawnbroker or person carrying on such business of loaning money on the pledge of personal property shall keep a book, to be furnished by the Chief of Police, in which shall be written in English, at the time he receives any article of personal property by way of pledge or pawn, a description of such article, the name and residence and a general description of the person, including the means or method of positive identification of such person from whom, and the day and hour when, such property was received. Such book and the place where such business is carried on and all articles of property therein may be examined at all times by any police officer, and it shall be the responsibility of the licensee to maintain said records, including each page within the book required to be maintained pursuant to this section.
Memorandum to pledgor. Each such pawnbroker shall, at the time of making any loan on a pawn or pledge, deliver to the person who pawns or pledges any goods, article or thing a memorandum or note containing the entry required to be made in his book by the provisions of Subsection B. No charge shall be made or required by any pawnbroker for such entry, memorandum or note.
Weekly reports; penalty. Each such pawnbroker shall make, weekly, a sworn statement of his transactions, describing the goods received and setting forth the name and residence and a description of the person from whom the goods were received, to the Town Clerk each week on Monday no later than 12:00 noon. Any such pawnbroker who willfully fails to make the report required by this section shall be fined $100.
Rates of interest.
No pawnbroker or loan broker or person who loans money on the pledge of personal property shall take or receive, directly or indirectly, for the use of money loaned on personal property, any more than the following rates:
Such rates shall be prominently displayed to the public at the place of business of such licensee at all times.
Pledges to be kept six months. No such lender shall sell or dispose of any personal property left with him in pledge for money loaned in less than six months from the day when the same is left in pledge as aforesaid. All such property shall be sold or disposed of at a public or private sale only after advertisement in a newspaper, having a circulation within the Town of Stratford, at least once two days before the date of the sale or sales, which advertisement shall state the numbers of the pledge tickets representing the property offered for sale and the date or dates when such tickets were issued. Such advertisement shall also be provided to the Chief of Police.
Notice. A notice shall be prominently displayed at all times within the licensed premises stating that no one under the age of 18 years shall pawn or sell items. Items may be sold or pawned only by a natural person who has proper identification, which shall include a full face photograph of such person.
Any person, corporation or partnership which engages in the business of a pawnbroker, unless licensed according to law, or after notice that its license has been revoked, or which violates any of the provisions of this chapter, or neglects to keep a book in the English language or to make the entries therein as provided by law, or refuses to allow the same to be inspected by the proper officers, or receives an article of personal property by way of pawn or pledge from any minor, knowing or having reason to believe him to be a minor, shall be fined not more than $50 for the first offense and not more than $100 for the second offense and, for the third offense, shall be fined not more than $500 or imprisoned not more than six months, or both, and also shall forfeit treble the amount loaned on the property so pledged to any person injured thereby who sues therefor.