<div class="chunk-title">Sec. 8-81. - Pawnbroker transactions.</div>
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               In every pawn transaction:
               
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                  (1)
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                  The original pawn contract shall have a maturity date of not less than 30 days, but
                  nothing in this section shall prevent the pledgor from redeeming the property before
                  the maturity date.
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                  (2)
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                  Any personal property pledged to a pawnbroker in this state is subject to sale or
                  disposal when there has been no payment made on the account for a period of 60 days
                  past maturity date of the original contract, but the contract between the pledgor
                  and the pawnbroker is renewable if renewal is agreed upon by both the parties.
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                  (3)
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                  Every pawn ticket or receipt for such pawn shall have printed thereon the provisions
                  of subsection (1) above, which shall constitute:
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                  a.
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                  Notice of such sale or disposal;
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                  b.
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                  Notice of intention to sell or dispose of the property without further notice; and
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                  c.
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                  Consent to such sale or disposal.
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                  The pledgor thereby forfeits all right, title and interest of, in and to such pawned
                  property to the pawnbroker, who thereby acquires absolute title to the property, whereupon
                  the debt is satisfied and the pawnbroker may sell or dispose of the unredeemed pledges
                  as his own property. Any sale or disposal of property under this section terminates
                  all liability of the pawnbroker and vests in the purchaser the right, title and interest
                  of the borrower and the pawnbroker.
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                  (4)
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                  If the borrower loses his pawn ticket, he shall not thereby forfeit his right to redeem
                  but may, before the lapse of the redemption period, make an affidavit with indemnification
                  for such loss. The affidavit shall describe the property pawned and shall take the
                  place of the lost pawn ticket unless the pawned property has already been redeemed
                  with the original pawn ticket.
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                  (5)
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                  A pledgor is not obligated to redeem pledged goods or make any payment on a pawn transaction.
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            <p class="historynote0">
               (Ord. of 2-5-07(2), Â§ 8-62)
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