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325J.08

Statute ID: 13933

Pawnbrokers - Records Prohibitions

In Effect

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Statute Number:

325J.08

Enactment Date:

May 24, 2011

Effective Date:

Aug 1, 2011

Expiration Date:

Repealed?:

Summary Text:

Pawnbrokers - Records Prohibitions

Statute ID:

13933

Created:

Jul 21, 2011 by mnjis.legal.analyst@state.mn.us

Updated:

Jul 21, 2011 by mnjis.legal.analyst@state.mn.us

Last Update Action:

Updated

Legal Analyst Comment:

2011 c 82 s 1; Amendment to Paragraph (10)

Summary Text:

Pawnbrokers - Records Prohibitions

Link to MN Statute Text:

https://www.revisor.leg.state.mn.us/stats/325J/08.html

Legislative Session:

2011 - Regular

Session Law Text?:

Statute text last updated on:

Jul 21, 2011

A pawnbroker and any clerk, agent, or employee of a pawnbroker shall not:

(1) make any false entry in the records of pawn transactions;

(2) falsify, obliterate, destroy, or remove from the place of business the records, books, or accounts relating to the licensee's pawn transactions;

(3) refuse to allow the appropriate law enforcement agency, the attorney general, or any other duly authorized state or federal law enforcement officer to inspect the pawn records or any pawn goods in the person's possession during the ordinary hours of business or other times acceptable to both parties;

(4) fail to maintain a record of each pawn transaction for three years;

(5) accept a pledge or purchase property from a person under the age of 18 years;

(6) make any agreement requiring the personal liability of a pledgor or seller, or waiving any provision of this section, or providing for a maturity date less than one month after the date of the pawn transaction;

(7) fail to return pledged goods to a pledgor or seller, or provide compensation as set forth in section 325J.09, upon payment of the full amount due the pawnbroker unless either the date of redemption is more than 60 days past the date of the pawn transaction, renewal, or extension and the pawnbroker has sold the pledged goods pursuant to section 325J.06, or the pledged goods have been taken into custody by a court or a law enforcement officer or agency; 

(8) sell or lease, or agree to sell or lease, pledged or purchased goods back to the pledgor or seller in the same, or a related, transaction;

(9) sell or otherwise charge for insurance in connection with a pawn transaction; or

(10) remove pledged goods from the pawnshop premises or other storage place 
approved by a municipality at any time before the expiration of the redemption period pursuant to section 325J.06. However, (i) a pawnbroker is permitted to return pledged goods to the borrower at any time during the redemption period, (ii) a pawnbroker is permitted to sell the pledged goods or remove the pledged goods from the pawnshop premises or other storage at any time after the expiration of the redemption period set forth in section 325J.06, and (iii) a pawnbroker who purchases goods not involving a pawn transaction is permitted to sell or remove the purchased goods from the pawnshop premises or other storage 31 days or later from the purchase transaction date.