RS 1800 - Maturity dates; sale of things
A. The maturity date for any thing pledged to a pawnbroker shall be no less than three months from the pawn transaction date.
B. No pawnbroker shall sell any thing pledged to him as security for a loan before the next business day following the maturity date. In the event the pawnshop is not open for business on the maturity date, then the forfeiture date shall be the day immediately following the next business day the pawnshop is open after the maturity date.
C. Without the necessity of default, ownership of any thing not redeemed by the pledgor on or before the maturity date shall be forfeited to the pawnbroker and absolute right, title, and interest in and to the thing shall immediately vest in the pawnbroker. The pawnbroker shall in no instance be obligated to notify any pledgor or any of the pledgor's creditors of the time, place, manner of sale, or disposition of forfeited things. No further accounting by the pawnbroker to the pledgor shall be required.
D. Repealed by Acts 2004, No. 139, §2.
Acts 1993, No. 391, §1, eff. Sept. 1, 1993; Acts 2003, No. 500, §1, eff. Sept. 1, 2003; Acts 2004, No. 139, §§1, 2.