§ 28-7-5-3 — Necessity of license; misleading representations; territorial application

Indiana § 28-7-5-3

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

Text

(a) Except as authorized by this chapter and
unless a license is first obtained from the department, a person shall not
engage in business as a pawnbroker, act as a pawnbroker, transact or
solicit business as a pawnbroker, or use in any advertisement, signage,
or electronic or printed material, or in the person's business name, a
phrase or statement that includes "pawn", "pawnbroker", "pawn shop",
"pawn loan", or any word or phrase that would reasonably lead another
person to conclude that the person is a pawnbroker, is engaging in
business as a pawnbroker, or is engaging in conduct that would mislead
or confuse a person into believing that the person is a pawnbroker or
is engaging in business as a pawnbroker.
(b) A pawnbroking transaction occurs in Indiana and is subject to
the licensing requirements of this chapter and all other requirements of
this chapter if a consumer who is a resident of Indiana enters into the
pawnbroking transaction with a pawnbroker, or a person acting on
behalf of the pawnbroker, that is located:
(1) in Indiana; or
(2) outside Indiana if the pawnbroker or person acting on behalf
of the pawnbroker has advertised or solicited pawnbroking in
Indiana by any means, including by mail, brochure, telephone,
print, radio, television, the Internet, or electronic means.
A pawnbroking transaction does not occur in Indiana if a consumer
who is a resident of Indiana enters into the pawnbroking transaction at
a pawnbroker's place of business in another state.
Formerly: Acts 1935, c.195, s.3. As amended by P.L.263-1985,
SEC.184; P.L.14-1992, SEC.132; P.L.163-2001, SEC.1; P.L.90-2008,
SEC.48; P.L.216-2013, SEC.33.