§ 28-7-5-21 — Pawn ticket; duty of reasonable care in safekeeping of articles

Indiana § 28-7-5-21

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

Text

(a) The pawnbroker shall, at the time of
making a loan, deliver to the pledger or the pledger's agent a
memorandum or ticket on which shall be legibly written or printed the
following information:
(1) The name of the pledger.
(2) The name of the pawnbroker and the place where the pledge
is made.
(3) The article or articles pledged, and a description of the
articles. However, if multiple articles of a similar nature that do
not contain an identification or serial number (such as precious
metals, gemstones, musical recordings, video recordings, books,
or hand tools) are delivered together in one (1) transaction, the
description of the articles is adequate if the description contains
the quantity of the articles delivered and a physical description of
the type of articles delivered, including any other unique
identifying marks, numbers, names, letters, or special features.
(4) The amount of the loan.
(5) The date of the transaction.
(6) The serial number of the loan.
(7) The sum of the interest as provided in section 28 of this
chapter and the charge as provided in section 28.5 of this chapter
stated as an annual percentage rate computed in accordance with
the Consumer Credit Protection Act (as defined in IC 24-4.5-1-302) and with regulations adopted under that act.
(8) The amount of interest.
(9) The amount of charge and principal due at maturity.
(10) A copy of sections 28, 28.5, and 30 of this chapter.
(11) The date of birth of the pledger.
(12) The type of government issued identification used to verify
the identity of the pledger, together with the name of the
governmental agency that issued the identification, and the
identification number present on the government issued
identification.
(13) The last date on which the pledged article or articles may be
redeemed before the article or articles may be sold if the loan is
not redeemed, renewed, or extended. The language setting forth
the information described in this subdivision must be in 14 point
boldface type.
(14) A statement that:
(A) notifies the pledger that the pawnbroking transaction is
regulated by the department; and
(B) includes a toll free telephone number for the department.
(b) A pawnbroker may insert in such ticket any other terms and
conditions not inconsistent with this chapter. However, nothing
appearing on a pawn ticket shall relieve the pawnbroker of the
obligations to exercise reasonable care in the safekeeping of articles
pledged with the pawnbroker.
Formerly: Acts 1935, c.195, s.21. As amended by P.L.263-1985,
SEC.194; P.L.14-1992, SEC.146; P.L.45-1995, SEC.31; P.L.80-1998,
SEC.17; P.L.163-2001, SEC.4; P.L.10-2006, SEC.47 and P.L.57-2006,
SEC.47; P.L.213-2007, SEC.73; P.L.217-2007, SEC.71; P.L.159-2017,
SEC.41.