§ 45-6-204 — Authority of licensed pawnbrokers

(a) A pawnbroker licensed pursuant to this part has the power to: (1) Make loans on the security of pledged goods as a pawn or pawn transaction; (2) Purchase tangible personal property under a buy-sell agreement from individuals as a pawn or pawn transaction on the condition it may be redeemed or repurchased by the seller at a fixed price within a fixed time not to be less than sixty (60) days; (3) Lend money on bottomry and respondentia security, at marine interest; (4) Deal in bullion, stocks and public securities; (5) Make loans on real estate, stocks and personal property; (6) Purchase merchandise for resale from dealers and traders; (7) Make over-the-counter purchases of goods that the seller does not intend to buy back. The pawnbroker shall hold the goods for a period of not less than twenty (20) business days before offering the merchandise for resale; and (8) Use its capital and funds in any lawful manner within the general scope and purposes of its creation. (b) Notwithstanding this section, except for a pawn or pawn transaction authorized by Acts 1995, ch. 186, no pawnbroker shall have the power as enumerated in this section without first complying with the law regulating the particular transactions involved.

Legislative History

Acts 1988, ch. 724, § 4; 1995, ch. 186, § 3; 1997 , ch. 409, § 1.