As used in this article 11.9, unless the context otherwise requires:
"Contract for purchase" means a contract entered into between a pawnbroker and acustomer pursuant to which money is advanced to the customer by the pawnbroker on 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, to be no less than thirty days, has the option to cancel said contract.
"Fixed price" means the amount agreed upon to cancel a contract for purchase duringthe option period. Said fixed price shall not exceed one-fifth of the original purchase price for each month, plus the original purchase price.
"Fixed time" means that period of time, to be no less than thirty days, as set forth in acontract for purchase, for an option to cancel said contract.
"Local law enforcement agency" means any marshal's office, police department, orsheriff's office with jurisdiction in the locality in which the customer enters into a contract for purchase or a purchase transaction.
"Local licensing authority" means the governing body of a municipality or city andcounty in any incorporated area of the state and the board of county commissioners of a county in any unincorporated area of the state.
"Option" means the fixed time and the fixed price agreed upon by the customer andthe pawnbroker in which a contract for purchase may be but does not have to be rescinded by the customer.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 contractsfor purchase or purchase transactions in the course of his or her business.
"Purchase transaction" means the purchase by a pawnbroker in the course of his orher business of tangible personal property for resale, other than newly manufactured tangible personal property that has not previously been sold at retail, when the purchase does not constitute a contract for purchase.
"Tangible personal property" means all personal property other than choses in action,securities, or printed evidences of indebtedness, which property is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of his or her business in connection with a contract for purchase or purchase transaction.
Source: L. 2017: Entire article added with relocated provisions, (SB 17-228), ch. 246, p. 1038, § 3, effective August 9.
Editor's note: This section is similar to former § 12-56-101 as it existed prior to 2017.