§ 5-19A-5 — Statement Verifying Pledgor Is Rightful Owner of Goods; Pawnbroker to Maintain Record of Transactions; Goods to Be Maintained on Premises for Certain Number of Days Before Resale

Alabama § 5-19A-5

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 19A: Alabama Pawnshop Act

Text

(a) The pledgor or seller shall sign a statement verifying that the pledgor or seller is the rightful owner of the goods or is entitled to sell or pledge the goods and shall receive an exact copy of the pawn ticket which shall be signed or initialed by the pawnbroker or any employee of the pawnbroker.
(b) The pawnbroker shall maintain a record of all transactions of pledged or purchased goods on the premises. A pawnbroker shall make available to the appropriate law enforcement agency a record of the transactions. These records shall be a correct copy of the entries made of the pawn or purchase transaction, except as to the amount of cash advanced or paid for the goods and the monthly pawnshop charge.
(c) All goods purchased by the pawnbroker except for automobiles, trucks, and similar vehicles shall be maintained on the premises by the pawnbroker for at least fifteen business days before the goods may be offered for resale. Automobiles, trucks, and similar vehicles shall be maintained on the premises for 21 calendar days.

Legislative History

(Acts 1992, No. 92-597, p. 1227, §5.)