Sec. 21-42. Memorandum to person pawning, pledging or selling property. Payment terms.
Sec. 21-42. Memorandum to person pawning, pledging or selling property.
Payment terms. Each such pawnbroker shall, at the time of making any loan on a pawn
or pledge of personal property or of purchasing such property on condition of selling
the same back again at a stipulated price or of purchasing such property from a person
who is not a wholesaler, deliver to the person who pawns, pledges or sells such property
a memorandum or note containing the entry required to be made in his record-keeping
system by the provisions of section 21-41. Each such pawnbroker shall pay for any
property received by pawn, pledge or purchase only by check, draft or money order and
shall not pay cash for any such property except when the pawnbroker cashes a check,
draft or money order for the person who is pawning, pledging or selling the property.
When the pawnbroker cashes a check, draft or money order, he shall require proof of
the identity of the person presenting the check, draft or money order in accordance with
subsection (a) of section 21-41. Any person who wilfully violates any provision of this
section shall be guilty of a class A misdemeanor.
(1949 Rev., S. 4666; P.A. 97-164, S. 4.)
History: P.A. 97-164 made section applicable to a pawnbroker who purchases property on condition of selling the same
back again at a stipulated price or purchases property from a person who is not a wholesaler, required the delivery of a
memorandum or note to a person who sells property to a pawnbroker, replaced "book" with "record-keeping system",
deleted prohibition on a pawnbroker charging for making the entry in the book or delivering the memorandum or note,
required a pawnbroker to pay by check, draft or money order for any property received and prohibited payment by cash
except when the pawnbroker cashes a check, draft or money order, required the pawnbroker to receive proof of identity
when cashing a check, draft or money order and added penalty provision of class A misdemeanor.
Cited. 201 C. 89.