(A) A person seeking a certificate of authority to carry on the business of a pawnbroker shall at the time of application for his certificate file with the Department of Consumer Affairs:
(1) a bond in favor of the department to be executed by the person granted the certificate by a surety company licensed to do business in this State in the penal sum of fifteen thousand dollars to be approved by the administrator. The bond must be conditioned for the faithful performance of the duties and obligations pertaining to the business so authorized; and
(2) proof of adequate insurance coverage for all pledged goods in the event of loss by fire, theft, burglary or otherwise, or liability to the pledgor.
(B) Within twenty-one calendar days after the occurrence of an event that may affect pledged goods, including, but not limited to, fire, theft, or judicial proceedings, a pawnbroker shall file a written notice on a form prescribed by the department describing the event and its expected impact upon the business.
HISTORY: 1988 Act No. 491, Section 2; 2016 Act No. 262 (H.4090), Section 8, eff June 9, 2016.
Editor's Note
Prior Laws:1900 (23) 427; Civ. C. '02 Section 1749; Civ. C. '12 Section 2625; Civ. C. '22 Section 3946; 1932 Code Section 7130; 1942 Code Section 7130; 1952 Code Section 56-1155; 1962 Code Section 56-1155.
Effect of Amendment
2016 Act No. 262, Section 8, inserted the paragraph designators; in (A), substituted "A person" for "Every person"; in (A)(1), substituted "by" for "and by two responsible sureties or", substituted "fifteen thousand dollars" for "five thousand dollars", and deleted the prior last three sentences, relating to evidence of financial responsibility; added (A)(2) and (B), relating to insurance and written notice of an event that may affect pledged goods; and made other nonsubstantive changes.