Title 44, Chapter 12, Section 130
( 44-12-130)
As used in this part, the term: (1) "Month" means that period of time from one date in a calendar
month to the corresponding date in the following calendar month,
but if there is no such corresponding date, then the last day of
such following month. (2) "Pawnbroker" means any person engaged in whole or in part in
the business of lending money on the security of pledged goods, or
in the business of purchasing tangible personal property on the
condition that it may be redeemed or repurchased by the seller for
a fixed price within a fixed period of time, or in the business of
purchasing tangible personal property from persons or sources
other than manufacturers or licensed dealers as a part of or in
conjunction with the business activities described in this
paragraph. (3) "Pawn transaction" means any loan on the security of pledged
goods or any purchase of pledged goods on the condition that the
pledged goods may be redeemed or repurchased by the pledgor or
seller for a fixed price within a fixed period of time. (4) "Person" means an individual, partnership, corporation, joint
venture, trust, association, or any other legal entity however
organized. (5) "Pledged goods" means tangible personal property, including,
without limitation, all types of motor vehicles or any motor
vehicle certificate of title, which property is purchased by,
deposited with, or otherwise actually delivered into the
possession of a pawnbroker in connection with a pawn transaction.
However, for purposes of this Code section, possession of any
motor vehicle certificate of title which has come into the
possession of a pawnbroker through a pawn transaction made in
accordance with law shall be conclusively deemed to be possession
of the motor vehicle, and the pawnbroker shall retain physical
possession of the motor vehicle certificate of title for the
entire length of the pawn transaction but shall not be required in
any way to retain physical possession of the motor vehicle at any
time. "Pledged goods" shall not include choses in action,
securities, or printed evidences of indebtedness. |