§ 28-7-5-2 — Definitions

Indiana § 28-7-5-2

• Jurisdiction: Indiana
• Art. 7: SPECIALIZED FINANCIAL INSTITUTIONS
• Ch. 5: Pawnbrokers

Text

In this chapter, unless the context otherwise
requires:
"Director" refers to the director of the department.
"Pawn" means lending money on the deposit or pledge of personal
property, or purchasing personal property on the condition of selling
the property back again at a stipulated price, with the condition
indicated verbally, in a written agreement, or in any other form
indicating that the seller may repurchase the personal property sold.
For purposes of this chapter, "personal property" does not include
general intangibles, accounts (including deposit accounts), chattel
paper, commercial tort claims, documents, instruments, investment
property, letter-of-credit rights, letters of credit, money, or oil, gas, or
other minerals before extraction.
"Pawnbroker" means any person, partnership, association, limited
liability company, or corporation that engages in the pawn business.
"Pledge" means personal property deposited with a pawnbroker as
security for a loan.
"Pledger" means the person who delivers personal property into the
possession of a pawnbroker as security for a loan. However, if the
person delivering the personal property into the possession of the
pawnbroker discloses that the person is acting for another, "pledger"
means the disclosed principal.
"Department" means the department of financial institutions.
"Person" means any individual, limited liability company, sole
proprietorship, partnership, trust, joint venture, corporation,
unincorporated organization, or other form of entity, however
organized.
"Month" means a period extending from a given date in one (1)
calendar month to the like date in the succeeding calendar month or, if
there is no such like date, then to the last day of the succeeding
calendar month. For purposes of this chapter, each month is considered
to have thirty (30) days.
Formerly: Acts 1935, c.195, s.2. As amended by P.L.263-1985,
SEC.183; P.L.14-1992, SEC.131; P.L.42-1993, SEC.74; P.L.258-2003,
SEC.11; P.L.10-2006, SEC.38 and P.L.57-2006, SEC.38; P.L.90-2008,
SEC.47; P.L.137-2014, SEC.29.