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License Period: January 1, December 31, Name of Name(s) of Principal Business Owner(s): Street Address of Applicant: Mailing Address of Applicant: Phone No. of Applicant: State Sales Tax No. Fax No. of Applicant: Email Address: State of Wyoming Pawnbroker License Number Signature of Applicant Date For City Use Only Required Attachments: o Copy of valid State of Wyoming Pawnbroker License o $100.00 license fee I do not intend to renew this license Signature City of Cody Pawnbroker License Application Renewal New License License Fee Date Paid License No ---PAGE BREAK--- Pawnbroker License Who: Any person or business may apply for a pawnbroker license Purpose: Authorizes a person or entity to operate a pawnshop. Duration: Annual license from January 1 to December 31st. The license must be renewed each year. Fee: $100 per year. Limit: There is no limit to the number of pawnbrokers that can be licensed at any one time. See the Municipal Code for additional requirements and regulations including record keeping, rates, disclosure and advertising, limitation of agreements, prohibited practices and penalties. Approval: The City Council must approve the issuance of the license. Process: 1. Applicant fills out a Pawnbroker License Application and provides all attachments as stated on the application. 2. Forward the application to Sara or Cindy to put on the next Council agenda 3. Once approved, set up the person or business in the Business Licenesing module of Caselle if they do not already have an account. 4. Enter the new license 5. Calculate the billing on the license 6. Post the payment to the license 7. Print the license stamp, sign & make a copy of the license give the original to the applicant 8. File the application and copy of the license in central files ---PAGE BREAK--- Chapter 4 PAWNBROKERS1 3-4-1: DEFINITIONS: 3-4-2: RECORD OF PROPERTY RECEIVED; REQUIRED; CONTENT, PRESERVATION OF RECORDS AND NOTIFICATION: 3-4-3: RATES REGULATED: 3-4-4: DISCLOSURE AND ADVERTISING: 3-4-5: LIMITATION ON AGREEMENTS AND PRACTICES: 3-4-6: PROHIBITED PRACTICES: 3-4-7: PENALTIES: 3-4-8: LICENSE REQUIRED: 3-4-1: DEFINITIONS: For the purpose of this chapter, the following words and phrases shall have the meanings respectively ascribed to them by this section: MONTH: That period of time from one date in a calendar month to the corresponding date in the following calendar month and, if computations are made for a fraction of a month, a day shall be one-thirtieth (1/30) of one month. PAWN FINANCE CHARGE: The sum of all charges, payable directly or indirectly by the customer and imposed directly or indirectly by the pawnbroker as an incident to the pawn transaction. PAWN TRANSACTION: The act of lending money on the security of pledged goods or the act of purchasing tangible personal property on condition that it may be redeemed or repurchased by the seller for a fixed period of time. PAWNBROKER: A person engaged in the business of making pawn transactions. PAWNSHOP: The location at which or premises in which a pawnbroker regularly conducts business. PLEDGED GOODS: Tangible personal property other than choses in action, securities or printed evidences of indebtedness, which property is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of his business in connection with a pawn transaction. REDEMPTION PERIOD: That period of time from transaction date to maturity date of a pawn transaction. (Ord. 82-1) ---PAGE BREAK--- 3-4-2: RECORD OF PROPERTY RECEIVED; REQUIRED; CONTENT, PRESERVATION OF RECORDS AND NOTIFICATION: A. Every pawnbroker shall keep at his place of business an accurate detailed description of all personal property, bonds, notes and other securities received or purchased and mentioning particularly any descriptive or identifying marks that may be on such property, bonds, notes or other securities, together with the name, residence and accurate description of the person by whom they were left. Such entries must be made on the date such property is taken in, using ink or indelible pencil, and no entry shall be erased or obliterated. All such records shall be clean and legible and shall be made upon special record sheets prepared for that purpose, which shall be approved by the city clerk. On Monday of each week, a copy of the record sheets for the preceding seven day period shall be delivered to the chief of police. B. Persons subject to this chapter shall file notification with the administrator of the Wyoming uniform consumer credit code and pay fees, pursuant to the provisions of article 6, part 2, of the code. C. All books and records shall be kept in accordance with accepted accounting practices and such records shall be preserved or made available in this state for a period of four years from date of the transaction, or two years from final entry made thereon, whichever is later. (Ord. 82-1) 3-4-3: RATES REGULATED: A. No pawnbroker may contract for, charge or receive any amount as a charge in connection with a pawn transaction other than a pawn finance charge. No pawn finance charge shall exceed twenty percent (20%) per month on the unpaid principal balance of the pawn transaction. B. The amount financed in any one pawn transaction to any one customer shall not exceed three thousand dollars ($3,000.00). C. Except in the case where a minimum charge is contracted for, not more than one-half (1/2 D. At all times there shall be on display in plain sight a fourteen inch by twenty inch (14" x 20") poster setting forth the interest rates and charges being made by the pawnbroker pursuant to this section. (Ord. 82-1; amd. Ord. 83-6) ) of the pawn finance charge for the two month maturity period may be considered to be earned at the time the transaction is entered into and is not subject to refund in the event of prepayment. Following expiration of the first month from transaction date, and upon entering the second month of the transaction, the second month's charge accrues and may be considered to be earned at that time. 3-4-4: DISCLOSURE AND ADVERTISING: A. Information to be disclosed shall be made pursuant to applicable provisions of federal reserve regulation Z of the truth in lending act and the Wyoming uniform consumer credit code. B. A pawnbroker shall not engage in false or misleading advertising concerning the terms or conditions of credit with respect to a pawn transaction. Advertising which complies with the federal consumer credit protection act does not violate this subsection. (Ord. 82-1) 3-4-5: LIMITATION ON AGREEMENTS AND PRACTICES: ---PAGE BREAK--- A. Even though a pawn transaction subject to this chapter creates a debtor-creditor relationship, no pawnbroker shall make any agreement requiring personal liability to a customer in connection with a pawn transaction, and no customer has an obligation to redeem pledged goods or make any payment on a pawn transaction. The only recourse of a pawnbroker where the customer has pledged goods is to the pledged goods themselves. B. The maturity date of a loan or redemption or repurchase agreement on a bond transaction shall be thirty (30) days. (Ord. 82-1; amd. Ord. 86-2) 3-4-6: PROHIBITED PRACTICES: No pawnbroker shall: A. Divide or separate a pawn transaction into two or more transactions for the purpose or with the effect of obtaining a total pawn finance charge exceeding that authorized by this chapter; B. Accept a pledge from any person under the age of nineteen (19) years; C. Accept any waiver, in writing or otherwise, or any right or protection afforded a customer under this chapter; D. Fail to exercise reasonable care to protect pledged goods from loss or damage; E. Fail to return pledged goods to a customer upon payment of the full amount due the pawnbroker on the pawn transaction; or F. Make any charge for insurance in connection with a pawn transaction. (Ord. 82-1) 3-4-7: PENALTIES: A. Any person who violates any provision of this chapter, including engaging in the business of operating a pawnshop, without first securing the licenses prescribed under section 3-4-8 of this chapter, is guilty of a misdemeanor and, upon conviction thereof, shall be punished as provided in section 1-4-1 of this code. B. In addition to the penalties prescribed in subsection A of this section, if any person engages in the business of operating a pawnshop without first securing the licenses prescribed in section 3-4-8 of this chapter, or if any pawnbroker contracts for, charges or receives a pawn finance charge in excess of that authorized by this chapter, the pawn transaction shall be void and the customer is not obligated to pay either the amount financed or the pawn finance charge in connection with the transaction. Upon the customer's demand, the pawnbroker is obligated to return to the customer, as a refund, all amounts paid in connection with the transaction by the customer and the pledged goods delivered to the pawnbroker in connection with the pawn transaction or their value if the goods cannot be returned. If a customer is entitled to a refund under this section and a pawnbroker liable to the customer refuses to make a refund within a reasonable time after demand, the customer shall have an action against the pawnbroker and in the case of a ---PAGE BREAK--- successful action to enforce such liability, the costs of this action, together with the attorney fees as determined by the court, shall be awarded the customer. C. A pawnbroker who fails to disclose information to a customer entitled to information required to be given, pursuant to section 3-4-4 of this chapter, is liable to that person in an amount equal to the sum of: 1. Twice the amount of the pawn finance charge in connection with the transaction; or 2. Two hundred dollars ($200.00), whichever is greater; and 3. In the case of a successful action to enforce the liability under this subsection, the cost of the action, together with reasonable attorney fees as determined by the court. (Ord. 82-1) 3-4-8: LICENSE REQUIRED: A. No person shall at any time carry on the business of a pawnbroker without making application for and obtaining a city license therefor and paying in advance the annual license fee of one hundred dollars ($100.00). B. Unless a person has first obtained a license from the administrator of the Wyoming uniform consumer credit code, authorizing him to engage in business of making supervised loans2, he shall not engage in business as a pawnbroker. (Ord. 82-1) ---PAGE BREAK--- GENERAL INFORMATION: 1. No person shall at any time carry on the business of a pawnbroker without making application for and obtaining a City license and presenting proof of a valid State of Wyoming Pawnbroker license authorizing the applicant to engage in the business of making supervised loans (Section 40-14-341(a) Wyoming Statutes). 2. The annual license period runs from January 1 through December 31. Fees are not prorated for new licenses that begin mid-year. 3. The annual fee for a pawnbroker license is $100.00. 4. Full disclosure of the City laws governing pawnbroker licenses appears in City Ordinance 3-4-1 through 3-4-8. NEW LICENSES: Step 1: Complete a Pawnbroker License application and turn it in to the Administrative Services office at City Hall with the following required attachments: (a)Copy of valid State of Wyoming Pawnbroker License Step 2: Upon receipt of a completed Pawnbroker License application and all required attachments, the City will schedule a hearing at the next available regularly scheduled Council meeting. Step 3: The applicant should appear at the hearing to answer any questions or provide additional information as needed by the Council in deciding whether or not to issue the license. Step 4: If the Council approves the application, the applicant must pay all fees prior to the issuance of the license. Once all fees are paid, the City will issue the license certificate. RENEWAL OF LICENSES: In December of each year, the Administrative Services division will mail out renewal applications for the following license year to all active licensees. Pawnbroker licenses expire December 31st of each year and the renewal must be complete by that date for license holders to continue to operate. If the renewal process is not completed, the license will expire and may be subject to revocation by the Council. City of Cody Pawnbroker Licensing Instructions ---PAGE BREAK--- When you receive your renewal application, review the information for accuracy, make any changes necessary, and submit the renewal application and the following required attachments and fees to the Administrative Services Division at City Hall: Copy of valid State of Wyoming Pawnbroker License Payment of the annual $100 fee Upon receipt of the renewal application, required attachments, and fees the City will issue the renewal license certificate. If you do not intend to renew your license, sign the non-renewal statement at the bottom of the renewal application and return it to Administrative Services. The license will be inactivated at that time. If you do not renew your license and at a later date decide to operate as a pawnbroker again you must go through the New License process to obtain another license.