As Introduced 1
123rd General Assembly 4
Regular Session H. B. No. 467 5
1999-2000 6
REPRESENTATIVES SCHULER-ALLEN-VESPER-BRITTON-EVANS- 8
TIBERI-DePIERO 9
_________________________________________________________________ 10
A B I L L
To amend sections 4727.01 to 4727.06, 4727.08 to 12
4727.16, and 4727.99; to amend, for the purpose 13
of adopting a new section number as indicated in
parentheses, section 4727.16 (4727.21); and to 14
enact new section 4727.16 and sections 4727.17 to 15
4727.20 of the Revised Code to revise the
Pawnbroker Licensing Law. 16
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 18
Section 1. That sections 4727.01, 4727.02, 4727.03, 20
4727.04, 4727.05, 4727.06, 4727.08, 4727.09, 4727.10, 4727.11, 21
4727.12, 4727.13, 4727.14, 4727.15, 4727.16, and 4727.99 be 22
amended, section 4727.16 (4727.21) be amended for the purpose of 23
adopting a new section number as indicated in parentheses, and
new section 4727.16 and sections 4727.17, 4727.18, 4727.19, and 24
4727.20 of the Revised Code be enacted to read as follows: 25
Sec. 4727.01. As used in sections 4727.01 to 4727.16 of 37
the Revised Code THIS CHAPTER: 38
(A) "Pawnbroker" means a person engaged in the business of 41
lending money on deposit or pledges of personal property, other
than securities, printed evidence of indebtedness, titles, deeds, 43
or bills of sale, at a total charge, rate of interest, or 44
discount or other remuneration in excess of eight per cent per 45
annum, and includes a person engaged in the business of 47
purchasing personal property from another person with an 48
agreement that the person the personal property will be made 49
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available to that other person for repurchase OR LEASE within an 51
agreed-to time period two persons and for an amount greater than 54
the price the person originally paid to that OTHER person for the 55
purchase of the personal property. 56
(B) "Superintendent of financial institutions" includes 58
the deputy superintendent for consumer finance as provided in 59
section 1181.21 of the Revised Code. 60
Sec. 4727.02. No person shall act as a pawnbroker, or 69
advertise, transact, or solicit business as a pawnbroker, without 70
first having obtained a license from the division SUPERINTENDENT 71
of financial institutions in the department of commerce. 72
Sec. 4727.03. (A) As used in this section, "experience 81
and fitness in the capacity involved" means that the applicant 82
for a pawnbroker's license demonstrates sufficient financial 83
responsibility, reputation, and experience in the pawnbroker 84
business, or in a related business, to act as a pawnbroker in 85
compliance with sections 4727.01 to 4727.16 of the Revised Code 86
THIS CHAPTER. "Experience and fitness in the capacity involved" 88
shall be determined by: 89
(1) Prior or current ownership or management of, or 91
employment in, a pawnshop; 92
(2) Demonstration to the satisfaction of the 94
superintendent of financial institutions of a thorough working 96
knowledge of all pawnbroker laws and rules as they relate to the 97
actual operation of a pawnshop;.
A DEMONSTRATION SHALL INCLUDE A DEMONSTRATION OF AN ABILITY 99
TO PROPERLY COMPLETE FORMS, KNOWLEDGE OF HOW TO PROPERLY 100
CALCULATE INTEREST AND STORAGE CHARGES, AND KNOWLEDGE OF LEGAL 101
NOTICE AND FORFEITURE PROCEDURES. THE FINAL DETERMINATION OF 102
WHETHER AN APPLICANT'S DEMONSTRATION IS ADEQUATE RESTS WITH THE 103
SUPERINTENDENT OF FINANCIAL INSTITUTIONS.
(3) A submission by the applicant and any stockholders, 105
OWNERS, MANAGERS, directors, or officers of the pawnshop, and 106
employees of the applicant to a police record check; and 108
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(4) Liquid assets in a minimum amount of twenty-five ONE 110
HUNDRED thousand dollars at the time of applying for initial 112
licensure and demonstration of the ability to maintain the liquid 113
assets at a minimum amount of ten FIFTY thousand dollars for the 114
duration of holding a valid pawnbroker's license. 116
(B) The division of financial institutions SUPERINTENDENT 118
may grant a license to act as a pawnbroker to any person of good 119
character and having experience and fitness in the capacity 121
involved to engage in the business of pawnbroking upon the 122
payment to the division SUPERINTENDENT of a license fee 123
determined by the superintendent pursuant to section 1321.20 of 124
the Revised Code. A LICENSE IS NOT TRANSFERABLE OR ASSIGNABLE. 125
(C) The division SUPERINTENDENT shall require an applicant 128
for a pawnbroker's license to pay to it THE SUPERINTENDENT a 129
nonrefundable initial investigation fee of two hundred dollars, 131
which is for the exclusive use of the state. The license shall be 132
issued by the division SUPERINTENDENT and shall expire on the 134
thirtieth day of June next following the date of its issuance. 135
Fifty per cent of the annual license fee shall be for the use of 136
the state, and fifty per cent shall be paid by the state to the 137
municipal corporation, or if outside the limits of any municipal 138
corporation, to the county, in which the office of the licensee 139
is located. All such fees payable to municipal corporations or 140
counties shall be paid annually.
(D) Every such PAWNBROKER'S license shall be renewed 142
annually by the thirtieth day of June according to the standard 144
renewal procedure of Chapter 4745. of the Revised Code. The fee 145
for renewal of a license shall be equivalent to the fee for an 146
initial license established by the superintendent pursuant to 147
section 1321.20 of the Revised Code. Any licensee who wishes to 148
renew the licensee's PAWNBROKER'S license but who fails to do so 149
on or before the thirtieth day of June shall reapply for 152
licensure in the same manner and pursuant to the same 153
requirements as for initial licensure, unless the licensee pays 154
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to the division SUPERINTENDENT on or before the thirty-first day 157
of August of the year the license expires, a late renewal penalty 158
of one hundred dollars in addition to the regular renewal fee. 159
Any person LICENSEE who fails to renew the person's license on or 160
before the thirtieth day of June is prohibited from acting as a 162
pawnbroker until the person's license is renewed or a new license 163
is issued under this section. Any person LICENSEE who renews a 164
license between the first day of July and the thirty-first day of 166
August is not relieved from complying with this division. The 167
division SUPERINTENDENT may refuse to issue to or renew the 169
license of any person LICENSEE who violates this division. 170
(E) No license shall be granted to any person not a 172
resident of or the principal office of which is not located in 173
the municipal corporation or county designated in such license 174
unless such THAT applicant, in writing and in due form approved 176
by and filed with the division SUPERINTENDENT, first appoints an 177
agent, a resident of the state, and city or county where the 179
office is to be located, upon whom all judicial and other 180
process, or legal notice, directed to the applicant may be 181
served. In case of the death, removal from the state, or any 182
legal disability or any disqualification of any such agent, 183
service of such process or notice may be made upon the 184
superintendent.
The division SUPERINTENDENT may, upon notice to the 186
licensee and reasonable opportunity to be heard, suspend or 187
revoke any license or assess a penalty against the licensee if 188
the licensee, or the licensee's officers, agents, or employees, 189
has violated sections 4727.01 to 4727.16 of the Revised Code THIS 190
CHAPTER. Any penalty shall be appropriate to the violation but 192
in no case shall the penalty be less than two hundred nor more 193
than two thousand dollars. Whenever, for any cause, a license is 194
suspended or revoked, the division SUPERINTENDENT shall not issue 195
another license to the licensee nor to the legal spouse of the 197
licensee, nor to any copartnership or corporation BUSINESS ENTITY 198
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of which the licensee is an officer OR MEMBER OR PARTNER, nor to 199
any person employed by the licensee, until the expiration of at 200
least one year TWO YEARS from the date of revocation or 203
suspension of the license. The division SUPERINTENDENT shall 204
deposit all penalties allocated pursuant to this section into the 206
state treasury to the credit of the consumer finance fund. 207
Any proceedings for the revocation or suspension of a 209
license or to assess a penalty against a licensee are subject to 210
Chapter 119. of the Revised Code. 211
(C)(F) If a licensee surrenders or chooses not to renew 213
the licensee's PAWNBROKER'S license, the licensee shall notify 214
the superintendent thirty days prior to the date on which the 215
licensee intends to close the licensee's business as a 216
pawnbroker. Prior to the date, the licensee shall do either of 217
the following with respect to all active loans: 218
(1) Dispose of an active loan by selling the loan to 220
another person holding a valid pawnbroker's license issued under 221
this section; 222
(2) Reduce the rate of interest on pledged articles held 224
as security for a loan to eight per cent per annum or less 225
effective on the date that the pawnbroker's license is no longer 226
valid. 227
(D) The director of commerce may compel, by subpoena, 229
witnesses to appear and testify in relation to investigations 230
under this chapter and may require, by subpoena duces tecum, the 231
production of any book, paper, or document pertaining to an 232
investigation under this chapter. If a person fails to comply 233
with a subpoena or subpoena duces tecum issued under this 234
division, the director may apply to the court of common pleas in 235
the county where the investigation is being conducted for an 236
order compelling the person to comply with the subpoena or 237
subpoena duces tecum or, for failure to do so, to be held in 238
contempt of court. 239
(E) A pawnbroker licensed under this section shall 241
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maintain liquid assets of at least ten thousand dollars for the 242
duration that the licensee holds a valid pawnbroker's license 243
issued pursuant to this section. 244
Sec. 4727.04. (A) Application AN APPLICATION for a 253
pawnbroker's license shall state fully the name and address of 255
the person, or corporation, APPLICANT and of every member of the 256
firm, partnership, or association, authorized to do business 258
thereunder, PARTNER, STOCKHOLDER, OR OWNER OF AN APPLICANT, and 259
the location of the office or place of business in which the 260
business is conducted; and in the case of a corporation, shall 261
also state the date and place of its incorporation, the name and 262
address of its manager, the names and addresses of its directors, 263
the name and address of the agent as provided in section 4727.03 264
of the Revised Code, and any other information required by the 265
division SUPERINTENDENT of financial institutions in the 267
department of commerce. 268
The license shall be kept posted in a conspicuous place in 270
the office where the business is transacted. No person so 271
licensed shall transact or solicit business under any other name 272
or at any location other than at the address stated in the 273
person's license. No licensee may move the licensee's business 275
location without prior notification to the superintendent of 276
financial institutions of at least thirty days. If the licensee 277
moves out of the municipal corporation or county in which the 279
licensee was originally licensed, the licensee shall pay an 280
additional annual license fee to be distributed in accordance 281
with section 4727.03 of the Revised Code. 282
(B) A person licensed as a pawnbroker shall post a 284
conspicuous notice in its place of business, visible to all 285
patrons, in a form and at places designated by rule of the 286
division, that the licensee has no right to retain goods stolen 288
from the true owner, and that the owner may recover the goods or 289
their value from the pawnbroker in an action at law, or, in the 290
event the police take custody of the goods, by police release 291
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pursuant to section 2933.41 of the Revised Code.
(C) The superintendent may issue to a pawnbroker licensed 294
under this chapter a temporary exhibition permit pursuant to 295
division (C)(1) of section 4728.04 of the Revised Code. 296
(1) A LICENSEE WHO WISHES TO BE ISSUED A TEMPORARY PERMIT 298
PURSUANT TO DIVISION (C)(1) OF SECTION 4728.04 OF THE REVISED 299
CODE SHALL MAKE REQUEST FOR SUCH ISSUANCE BY LETTER ADDRESSED TO 300
THE SUPERINTENDENT. THE LETTER OF REQUEST SHALL CONTAIN THE 301
LICENSEE'S NAME, PERMANENT BUSINESS ADDRESS, AND LICENSE NUMBER. 302
(2) UPON RECEIPT OF A TEMPORARY EXHIBITION PERMIT, THE 304
PERMIT HOLDER SHALL CONSPICUOUSLY DISPLAY THE PERMIT AT THE PLACE 305
WHERE THE PERMIT HOLDER TRANSACTS BUSINESS AT ANY AUCTION, 307
CONVENTION, EXHIBITION, FAIR, OR SHOW.
(3) EVERY PERMIT HOLDER WHO WISHES TO PARTICIPATE IN AN 309
AUCTION, CONVENTION, EXHIBITION, FAIR, OR SHOW, AT LEAST TWO 310
WEEKS PRIOR TO ITS OPENING, SHALL NOTIFY THE SUPERINTENDENT OR 311
THE CHIEF OF POLICE OF THE MUNICIPAL CORPORATION IN WHICH THE 312
EVENT IS TO TAKE PLACE, OR IF THE EVENT IS TO TAKE PLACE OUTSIDE 314
OF ANY MUNICIPAL CORPORATION, THEN THE SHERIFF OF THE COUNTY IN
WHICH THE EVENT IS TO TAKE PLACE. SUCH NOTIFICATION SHALL BE BY 316
LETTER AND SHALL INCLUDE THE PERMIT HOLDER'S NAME, PERMANENT 317
BUSINESS ADDRESS, AND PERMIT NUMBER, AND THE PLACE WHERE THE 318
EVENT IS SCHEDULED TO BE HELD.
(C) EVERY LICENSEE SHALL POST AT THE MAIN DOOR OF THE 320
LICENSEE'S PLACE OF BUSINESS THE HOURS OR TIMES WHEN THE 321
ESTABLISHMENT IS OPEN FOR BUSINESS. NO LICENSEE SHALL COLLECT 322
INTEREST AND STORAGE ON ANY LOAN FOR ANY REGULAR BUSINESS DAY 323
THAT THE ESTABLISHMENT IS NOT OPEN FOR BUSINESS AS POSTED, UNLESS 324
PRIOR NOTICE OF A CLOSING IS POSTED ON THE DOOR OR THE CLOSING IS 325
OCCASIONED BY AN ACT OF GOD, UNFORESEEN EMERGENCY, OR OTHER EVENT
BEYOND THE CONTROL OF THE LICENSEE. A LICENSEE SHALL NOTIFY THE 326
SUPERINTENDENT OF ANY CHANGE IN THE POSTED HOURS OF OPERATION. 327
(D) NO LICENSEE SHALL FAIL TO OBSERVE THE POSTED HOURS OF 329
OPERATION PURSUANT TO DIVISION (C) OF THIS SECTION EXCEPT AS 330
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AUTHORIZED BY THAT DIVISION. 331
Sec. 4727.05. The superintendent of financial institutions 340
shall, either personally, or by such person as the superintendent 342
may appoint for the purpose, at least once a year EVERY EIGHTEEN 343
MONTHS, and more often if deemed advisable, investigate the 344
business of every person licensed as a pawnbroker, and of every 345
person, copartnership, and corporation by whom or for which any 346
such loan or purchase shall be made, whether such person, 347
copartnership, or corporation shall act, or claim to act, as 348
principal, agent, or broker, or under or without the authority of 349
sections 4727.01 to 4727.16 of the Revised Code THIS CHAPTER, and 350
for that purpose shall have free access to all the pledged or 352
purchased articles, books, and all papers relating to the 353
licensee's business. The superintendent and every examiner may 354
examine, under oath or affirmation, any person whose testimony 355
may relate to any business coming within sections 4727.01 to 356
4727.16 of the Revised Code THIS CHAPTER.
Sec. 4727.06. (A) No pawnbroker shall charge, receive, or 365
demand interest for any loan in excess of five per cent per month 366
or fraction of a month on the unpaid principal. INTEREST SHALL 367
BE COMPUTED ON A CALENDAR-MONTH BASIS ON THE AMOUNT OF THE 368
PRINCIPAL REMAINING UNPAID ON THE FIRST DAY OF THE MONTH AND 369
SHALL NOT BE COMPOUNDED.
(B) In addition to such THE rate of interest, the 372
LIMITATION IMPOSED PURSUANT TO DIVISION (A) OF THIS SECTION, THE 373
licensee may make a total charge for the storage of pledged 375
articles held as security for a loan, a sum not exceeding two NO 376
MORE THAN:
(1) THREE dollars per month or fraction of a month for all 379
pledged articles held as security for a loan, to be agreed to in 380
writing at the time the loan is made; in instances where the 381
licensee is to deliver or forward the pledged article by express 382
or parcel post, the licensee may make an additional charge of 383
three
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(2) FOUR dollars plus the actual cost of shipping. The, 386
WHEN THE licensee may make an additional charge of one dollar IS 387
TO DELIVER OR FORWARD THE PLEDGED ARTICLE BY EXPRESS OR PARCEL 388
POST TO THE PLEDGOR; 390
(3) TWO DOLLARS for the loss of the original statement 393
issued to the pledgor by the licensee pursuant to section 4727.07 394
of the Revised Code upon redemption of the pledged articles. The 395
licensee also may make a charge of one dollar; 396
(4) TWO DOLLARS for the cost of notifying a pledgor by 398
mail that the pledged articles may be forfeited to the licensee 400
pursuant to section 4727.11 of the Revised Code. The interest 401
and charges shall not be deducted or paid in advance of the dates 402
that the interest and charges are due, except upon redemption of 403
the pledged articles. 404
(B) Subject to the maximum amount upon which interest may 406
be computed pursuant to division (A) of this section, monthly 407
interest charges shall be computed monthly on the amount of the 408
principal remaining unpaid on the first day of that month and 409
shall not be compounded. 410
(C) A licensee who complies with the requirements or 412
procedures of this state pursuant to the application of the 413
"Brady Handgun Violence Protection Act," Pub. L. No. 103-159, 107 414
Stat. 1536 (1993), 18 U.S.C.A. 922 (AS AMENDED), may charge any 416
fee the licensee is required by law to pay in order to comply 417
with such requirements or procedures. The licensee also may 418
charge a fee of NO MORE THAN two dollars for providing services 419
in compliance with such requirements or procedures. 420
(D) A PLEDGOR MAY PAY A PORTION OF THE OUTSTANDING 422
PRINCIPAL LOAN BALANCE AT ANY TIME. A PLEDGOR MAY REDEEM A PAWN 423
LOAN AT ANY TIME AFTER SEVENTY-TWO HOURS HAVE PASSED SINCE THE 424
PLEDGE WAS MADE. A PLEDGOR MAY NOT PREPAY INTEREST OR STORAGE 426
CHARGES, EXCEPT WHEN THE PLEDGOR REDEEMS THE PLEDGED PROPERTY. 427
Sec. 4727.08. (A) Every person licensed as a pawnbroker 438
shall keep and use separate pawn forms and purchase forms to be 439
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approved by the superintendent of the division of financial 441
institutions in the department of commerce. The forms
(B) THE LICENSEE shall disclose, at the time RECORD ON THE 444
APPROPRIATE FORM FOR each purchase PAWN or loan is made, an 445
accurate description of the goods, articles, or things deposited, 446
the PURCHASE ALL OF THE FOLLOWING INFORMATION: 447
(1) THE DATE AND time of THE pledging or selling them, the 450
PURCHASING;
(2) THE amount of money loaned on them or paid for them, 454
the LOAN OR THE PURCHASE PRICE;
(3) THE rate of interest and THE charges to be paid on 458
such THE loan, the; 459
(4) THE time within which such pawn THE PLEDGOR is to be 462
redeemed, with REDEEM the PLEDGED PROPERTY; 463
(5) THE name, age, place of residence, AND ADDRESS OF THE 466
PLEDGOR OR SELLER;
(6) A driver's or commercial driver's license number, 469
social security MILITARY IDENTIFICATION number, or other personal 471
identification, and a short NUMBER; 472
(7) A physical description of the person of the pledgor or 475
seller. When any item is pledged or sold, the licensee also 477
shall write on such form;
(8) AN ACCURATE DESCRIPTION OF THE PLEDGED OR PURCHASED 480
PROPERTY, INCLUDING the name of the maker MANUFACTURER, the ANY 481
serial and model numbers, or other ANY identifying features;, and 483
where jewelry or gold or silver articles of any kind are pledged 485
or sold, the licensee shall write on the form all identifying 486
letters or marks inscribed thereon; 487
(9) ANY OTHER DISCLOSURES REQUIRED BY FEDERAL LAW. One 490
(C) A copy of the forms EACH FORM USED IN A PAWN OR 492
PURCHASE shall be kept at all times in numerical order in an 494
active or inactive file, as appropriate, or bound books available 495
AND THE LICENSEE SHALL ACCOUNT for inspection by the division; 496
all FORM numbers shall be accountable. Such 497
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(D) THE records and forms, at all times, shall be kept at 500
the licensed location and open to the AVAILABLE FOR inspection of 501
BY the superintendent or the chief of police of the municipal 503
corporation, a police officer deputed or authorized by the chief 504
of police, or the mayor of the IN WHICH THE LICENSEE'S PLACE OF 505
BUSINESS IS LOCATED, OR IF THE PLACE OF BUSINESS IS NOT LOCATED 506
WITHIN A municipal corporation, THEN THE SHERIFF OF THE COUNTY IN 507
WHICH THE PLACE OF BUSINESS IS LOCATED. Upon demand of any of 508
them, such person so licensed THE LICENSEE shall produce and show 510
ANY records, forms, and pledges, or purchases which are in the 511
person's LICENSEE'S possession. 512
(E) Except in the case of a pledged motor vehicle, 514
watercraft, or outboard motor, the licensee shall keep all 516
pledges and purchases at the licensee's place of business unless 517
a pledgor, IN WRITING, agrees otherwise at the time the pledge is 519
made. If the item pledged for the pawn loan is a motor vehicle, 520
watercraft, or outboard motor, the pawnbroker LICENSEE shall take 521
possession of both the motor vehicle, watercraft, or outboard 522
motor and the certificate of title to the motor vehicle, 523
watercraft, or outboard motor, and shall keep the certificate at 525
the pawnbroker's LICENSEE'S place of business but, upon 526
notification to the pledgor, may keep the motor vehicle, 528
watercraft, or outboard motor at a location other than the
pawnbroker's LICENSEE'S place of business. No pledge shall be 530
removed from the place of business for the licensee's personal 531
use or gain.
(F) EVERY PERSON LICENSED AS A PAWNBROKER UNDER THIS 533
CHAPTER SHALL KEEP AND USE AN INTELLIGIBLE SET OF BOOKS AND 535
RECORDS IN THE ENGLISH LANGUAGE IN COMPLYING WITH THIS CHAPTER 536
WITH RESPECT TO RECORDING THE DETAILS OF EACH PURCHASE OR LOAN. 537
EXCEPT AS PROVIDED IN DIVISION (J) OF THIS SECTION, ALL 539
INFORMATION REQUIRED TO BE RECORDED BY THIS CHAPTER SHALL BE 540
ENTERED IN A BOUND BOOK OR ON LOOSE-LEAF, PERMANENT FORMS USED
EXCLUSIVELY FOR THAT PURPOSE. FORMS SHALL BE IDENTICAL AND 541
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CONSECUTIVELY NUMBERED, AND EACH SHALL CONTAIN TWO OR MORE PAGES. 542
ONE PART OF EACH FORM SHALL BE DETACHABLE AND, WHEN COMPLETED, 543
SHALL SERVE AS THE STATEMENT TO BE GIVEN BY THE LICENSEE TO THE 544
PLEDGOR OR SELLER AS PROVIDED BY SECTION 4727.07 OF THE REVISED 545
CODE. THE REMAINING PART OF THE FORM SHALL BE RETAINED IN THE
LICENSEE'S PERMANENT RECORDS. ALL FORMS SHALL BE ACCOUNTED FOR. 546
(G) NO LICENSEE SHALL REQUIRE A BORROWER TO AFFIX THE 549
BORROWER'S SIGNATURE TO A BLANK OR PARTIALLY FILLED OUT PAWN FORM 550
OR OTHER RECORD.
(H) EVERY LICENSEE SHALL PRESERVE THE LICENSEE'S BOOKS, 552
FORMS, ACCOUNTS, AND RECORDS FOR AT LEAST TWO YEARS AFTER MAKING 553
THE FINAL ENTRY REGARDING ANY PURCHASE OR PLEDGE OF PROPERTY 554
RECORDED THEREIN.
(I) ALL PAWN AND PURCHASE FORMS, LEGAL NOTICES, AND 556
PAYMENT RECEIPT FORMS SHALL REFLECT THE NAME UNDER WHICH THE 557
LICENSEE IS REGISTERED WITH THE SUPERINTENDENT AND THE COMPLETE 558
ADDRESS OF THE PLACE OF BUSINESS.
(J) NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, A 560
LICENSEE MAY USE OTHER METHODS OF RECORDING DATA, KEEPING 561
RECORDS, AND KEEPING BOOKS, SUCH AS ELECTRONIC OR COMPUTERIZED 562
METHODS, IN LIEU OF THE METHODS DESCRIBED IN THIS SECTION, 564
PROVIDED WRITTEN PRINTOUTS OR HARD COPIES OF THE REQUIRED DATA 565
ARE READILY AVAILABLE IN A FORM APPROVED, IN ADVANCE, BY THE 566
SUPERINTENDENT.
Sec. 4727.09. Each (A) A PERSON LICENSED AS A pawnbroker 576
shall, every business day, make available FURNISH THE FOLLOWING 577
INFORMATION to the chief of police or the head of the police 578
department, on forms to be furnished by the police department, a 579
OF THE MUNICIPAL CORPORATION IN WHICH THE LICENSEE'S PLACE OF 580
BUSINESS IS LOCATED, OR IF THE PLACE OF BUSINESS IS NOT LOCATED 581
WITHIN A MUNICIPAL CORPORATION, THEN THE SHERIFF OF THE COUNTY IN 582
WHICH THE PLACE OF BUSINESS IS LOCATED: 583
(1) A description of all articles received PROPERTY 585
PLEDGED WITH OR PURCHASED by him by pledge or sale on the 587
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business day immediately preceding, together with the number of 588
the ticket issued THE LICENSEE;
(2) THE NUMBER OF THE PAWN OR PURCHASE FORM THE LICENSEE 590
USED TO DOCUMENT THE PLEDGE OR PURCHASE. 591
(B) A LICENSEE SHALL PROVIDE THE PROPERTY DESCRIPTION AND 593
FORM NUMBER REQUIRED BY DIVISION (A) OF THIS SECTION ON THE FORM 594
FURNISHED BY THE LAW ENFORCEMENT OFFICER REQUESTING THE 595
INFORMATION. THE COMPLETED FORM MAY BE COMMUNICATED BY 596
ELECTRONIC TRANSFER OR BE IN A MAGNETIC MEDIA FORMAT. 597
(C) FOR THE PURPOSES OF THIS SECTION, A LICENSEE NEED 599
PROVIDE ONLY THE INFORMATION REQUIRED BY DIVISION (A) OF THIS 600
SECTION.
Sec. 4727.10. No PERSON LICENSED AS A pawnbroker shall 609
receive any pledge or purchase any articles from any minor, or 611
from any person who is at the time intoxicated or under the 612
influence of a controlled substance, or from any person who is 613
known or believed by the licensee to be a thief, or a receiver of 614
stolen property, OR FROM ANY PERSON IDENTIFIED IN WRITING TO THE 615
LICENSEE BY THE CHIEF OF POLICE OF A MUNICIPAL CORPORATION, 616
SHERIFF, OR THE STATE HIGHWAY PATROL AS A KNOWN OR SUSPECTED 617
THIEF OR RECEIVER OF STOLEN PROPERTY. 618
Sec. 4727.11. (A) If any person receiving a loan from a 627
pawnbroker on a pledge of personal property A PLEDGOR fails to 628
redeem or pay interest on any articles pledged within TO A PERSON 630
LICENSED AS A PAWNBROKER ON A PAWN LOAN FOR two months from the 631
date of the loan or the date on which the last interest payment 632
is due, the licensee shall notify the pledgor by mail, with proof 633
of mailing, to the last place of address given by the pledgor, 634
that unless the pledge or PLEDGOR REDEEMS THE PLEDGED property is 636
redeemed OR PAYS ALL INTEREST DUE AND STORAGE CHARGES within one 637
month THIRTY DAYS from the date the notice is mailed, it THE 638
PLEDGED PROPERTY shall be forfeited to the licensee. If the 640
pledgor fails to redeem the property OR PAY ALL INTEREST DUE AND 641
STORAGE CHARGES within the period specified in the notice, the 642
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licensee shall proceed to take ownership BECOMES THE OWNER of the 644
pledge or PLEDGED property.
(B) In the event that any article or property is redeemed 646
by a person other than the pledgor, the pledgor shall sign his 647
THE PLEDGOR'S copy of the statement required under section 649
4727.07 of the Revised Code, which copy shall be presented by the 650
person to the licensee. The licensee shall verify the name of 651
the person redeeming the article or property, and shall record 652
the person's name, AND driver's or commercial driver's license 653
number, or social security number on the licensee's copy of the 655
statement, and shall require the person to sign this copy. 656
(C) In the event that any articles or property pledged are 658
lost or rendered inoperable due to negligence of the licensee, 659
the licensee shall replace the articles or property with 660
identical articles or property, except that if the licensee 661
cannot reasonably obtain identical articles or property, the 662
licensee shall replace the articles or property with like 663
articles or property. 664
(D) WHEN AN ACCOUNT IS PAID IN FULL, THE LICENSEE SHALL 666
RETURN THE PLEDGED ARTICLE IMMEDIATELY TO THE PLEDGOR. IN THE 667
EVENT THE PLEDGOR SELLS, TRANSFERS, OR ASSIGNS THE PLEDGE, THE 668
LICENSEE SHALL VERIFY THE NAME OF THE PERSON REDEEMING THE PLEDGE 669
AND RECORD THAT PERSON'S NAME, DRIVER'S LICENSE NUMBER, AND 670
SIGNATURE ON THE PERMANENT COPY OF THE STATEMENT OF PLEDGE 671
REQUIRED PURSUANT TO SECTION 4727.07 OF THE REVISED CODE. THE 672
LICENSEE ALSO SHALL OBTAIN THE SIGNATURE OF THE PLEDGOR, OR OTHER 673
PERSON REDEEMING THE PLEDGE, UPON A SEPARATE RECORD OF THE 675
TRANSACTION, THAT ACKNOWLEDGES THE TOTAL DOLLAR AMOUNT PAID FOR
REDEMPTION. ALL RECORDS SHALL BE KEPT IN THE LICENSEE'S PLACE OF 676
BUSINESS.
Sec. 4727.12. (A) A PERSON LICENSED AS A pawnbroker shall 685
retain any and all goods or articles pledged with him THE 687
LICENSEE until the expiration of seventy-two hours after the 689
pledge was IS made, and shall retain any goods or articles 691
15
purchased by him THE LICENSEE until the expiration of fifteen 693
days after the purchase was IS made. The licensee may dispose of 694
such goods or articles sooner with the written permission of the 695
local CHIEF OF THE police department OF THE MUNICIPAL CORPORATION 696
IN WHICH THE LICENSEE'S PLACE OF BUSINESS IS LOCATED, OR IF THE 697
PLACE OF BUSINESS IS NOT LOCATED WITHIN A MUNICIPAL CORPORATION,
THEN THE SHERIFF OF THE COUNTY IN WHICH THE BUSINESS IS LOCATED. 698
(B) If the chief OF POLICE or head of the police 700
department SHERIFF to whom the licensee made MAKES available the 702
information required by section 4727.09 of the Revised Code has 704
probable cause to believe that the article described therein is 705
stolen property, he THE CHIEF OR SHERIFF shall notify the 707
licensee in writing. Upon receipt of such a notice, the licensee 708
shall retain the article until the expiration of thirty days 709
after the day on which he THE LICENSEE is first required to make 710
available the information required by section 4727.09 of the
Revised Code, unless the chief or the head of the police 711
department SHERIFF notifies the licensee in writing that he THE 713
LICENSEE is not required to retain the article until such 714
expiration.
(C) If the chief or the head of the local police 716
department SHERIFF receives a report that property has been 717
stolen and determines the identity of the true owner of the 718
allegedly stolen property that has been purchased or pawned and 719
are IS held by a licensee, and informs the licensee of the true 720
owner's identity, the licensee may restore the allegedly stolen 721
property to the true owner directly. 722
If a licensee fails to restore the allegedly stolen 724
property, the true owner may recover the property from the 726
licensee in an action at law.
(D) If the licensee returns the allegedly stolen property 728
to the true owner, the licensee may charge the person who pledged 729
or sold the allegedly stolen property to him THE LICENSEE, and 730
any person who acted in consort with the pledgor or the seller to 732
16
defraud the licensee, the amount the licensee paid or loaned for 733
the allegedly stolen property, plus interest and storage charges 734
provided for in section 4727.06 of the Revised Code. 735
(E) PLEDGED OR PURCHASED PROPERTY ALLEGED TO HAVE BEEN 737
STOLEN FROM ITS TRUE OWNER MAY BE TAKEN FROM A LICENSEE ONLY BY 739
WARRANT, SUBPOENA, OR ORDER OF COURT WHEN THE PROPERTY IS TO BE 740
USED IN EVIDENCE AGAINST A PERSON IN A CRIMINAL PROSECUTION. 741
UPON THE CONCLUSION OF THE PROCEEDINGS, THE COURT OFFICER HAVING 742
CUSTODY OF THE PROPERTY SHALL RETURN IT TO THE LICENSEE.
(F) IN A CRIMINAL PROSECUTION OF A PERSON CHARGED WITH THE 744
THEFT OF PLEDGED OR PURCHASED PROPERTY, THE COURT MAY NOT ORDER 745
RESTORATION OF THE PROPERTY TO THE PERSON IT MAY ADJUDGE THE TRUE 747
OWNER. THE PERSON CLAIMING OWNERSHIP OF PLEDGED PROPERTY MAY 748
SEEK ITS RECOVERY IN AN APPROPRIATE CIVIL ACTION.
Sec. 4727.13. (A) The superintendent of financial 757
institutions shall adopt rules in accordance with Chapter 119. of 758
the Revised Code for the administration and enforcement of 759
sections 4727.01 to 4727.16 of the Revised Code THIS CHAPTER. 760
(B) The superintendent shall enforce sections 4727.01 to 762
4727.16 of the Revised Code THIS CHAPTER, make all reasonable 763
effort to discover alleged violators, notify the proper 765
prosecuting officer whenever the superintendent has reasonable 766
grounds to believe that a violation has occurred, act as 768
complainant in the prosecution thereof, and aid such officers to 769
the best of the superintendent's ability in such prosecutions. 770
The superintendent shall employ such deputies as may be necessary 771
to make the investigations and inspections, and otherwise perform 772
the duties imposed by such sections.
(C) THE SUPERINTENDENT MAY ISSUE A CEASE AND DESIST ORDER 774
AGAINST ANY PERSON THE SUPERINTENDENT REASONABLY SUSPECTS HAS 775
VIOLATED, IS CURRENTLY VIOLATING, OR IS ABOUT TO VIOLATE THIS 776
CHAPTER. THE SUPERINTENDENT MAY APPLY TO A COURT OF COMMON PLEAS 777
FOR AN ORDER COMPELLING A PERSON TO COMPLY WITH ANY CEASE AND 778
DESIST ORDER OR ANY SUBPOENA ISSUED BY THE SUPERINTENDENT.
17
(D) THE SUPERINTENDENT MAY OBTAIN FROM THE COURT OF COMMON 780
PLEAS ANY FORM OF INJUNCTIVE RELIEF AGAINST ANY PERSON THAT HAS 781
VIOLATED, IS CURRENTLY VIOLATING, OR IS ABOUT TO VIOLATE THIS 782
CHAPTER.
(E) TO ENFORCE THIS CHAPTER, THE SUPERINTENDENT MAY ISSUE 784
A SUBPOENA TO ANY PERSON TO COMPEL THE PRODUCTION OF ANY ITEM, 785
RECORD, OR WRITING, INCLUDING AN ELECTRONIC WRITING, AND MAY 786
ISSUE A SUBPOENA TO ANY PERSON TO COMPEL THE APPEARANCE AND 787
RENDERING OF TESTIMONY.
(F) THE SUPERINTENDENT MAY EXAMINE AND INVESTIGATE THE 789
BUSINESS, INCLUDING THE BUSINESS LOCATION AND ANY BOOKS, RECORDS, 790
WRITINGS, INCLUDING ELECTRONIC WRITINGS, SAFES, FILES, OR STORAGE 791
AREAS LOCATED IN OR UTILIZED BY THE BUSINESS LOCATION, OF ANY 792
PERSON THE SUPERINTENDENT REASONABLY SUSPECTS TO BE ADVERTISING, 793
TRANSACTING, OR SOLICITING BUSINESS AS A PAWNBROKER. THE
SUPERINTENDENT MAY REQUEST THE ATTENDANCE AND ASSISTANCE OF THE 794
APPROPRIATE CHIEF OF POLICE OF A MUNICIPAL CORPORATION, THE 795
COUNTY SHERIFF, OR THE STATE HIGHWAY PATROL DURING THE 796
EXAMINATION AND INVESTIGATION OF THE BUSINESS. 797
Sec. 4727.14. Sections 4727.01 to 4727.15 of the Revised 806
Code do THIS CHAPTER DOES not apply to persons who obtain 807
licenses under sections 1321.01 to 1321.19 or 1321.51 to 1321.60 809
of the Revised Code, or to national banks, state banks, or
FEDERALLY INSURED DEPOSITORY INSTITUTIONS SUCH AS A STATE OR 810
FEDERALLY CHARTERED BANK, savings and loan associations 812
ASSOCIATION, or credit unions UNION. 813
Sec. 4727.15. (A) No person, firm, partnership, 822
corporation, or association LICENSED AS A PAWNBROKER UNDER THIS 823
CHAPTER, and no agent, officer, or employee thereof, shall 824
violate sections 4727.01 to 4727.15 of the Revised Code THIS 825
CHAPTER. The division of financial institutions upon criminal 826
conviction shall revoke any license issued to such person, firm, 827
partnership, corporation, or association. The division also may 828
assess a penalty against or revoke or suspend the license of any 829
18
licensee in accordance with section 4727.03 of the Revised Code 830
upon a criminal conviction of the licensee for any criminal 831
offense.
(B) UPON THE CRIMINAL CONVICTION OF A LICENSEE OR ANY 833
EMPLOYEE, MANAGER, OFFICER, DIRECTOR, SHAREHOLDER, MEMBER, OR 834
PARTNER OF A LICENSEE FOR A VIOLATION OF THIS CHAPTER, THE 836
SUPERINTENDENT OF FINANCIAL INSTITUTIONS MAY SUSPEND THE LICENSE 837
OF THE LICENSEE WITHOUT A PRIOR HEARING TO PROTECT THE PUBLIC 838
INTEREST AND SUBSEQUENTLY MAY ACT TO REVOKE THE LICENSE OF THE 839
LICENSEE PURSUANT TO CHAPTER 119. OF THE REVISED CODE. 840
(C) UPON THE CRIMINAL CONVICTION OF A LICENSEE OR ANY 842
EMPLOYEE, MANAGER, OFFICER, DIRECTOR, SHAREHOLDER, MEMBER, OR 843
PARTNER OF A LICENSEE UNDER ANY SECTION IN TITLE XXIX OF THE 844
REVISED CODE OR UNDER FEDERAL LAW FOR THEFT, RECEIVING STOLEN 845
PROPERTY, OR MONEY LAUNDERING, THE SUPERINTENDENT MAY SUSPEND THE 846
LICENSE OF THE LICENSEE WITHOUT A PRIOR HEARING TO PROTECT THE
PUBLIC INTEREST AND MAY ACT TO REVOKE THE LICENSE OF THE LICENSEE 848
PURSUANT TO CHAPTER 119. OF THE REVISED CODE. 849
(D) UPON THE CRIMINAL CONVICTION OF A LICENSEE UNDER ANY 851
SECTION OF TITLE XXIX OF THE REVISED CODE OR UNDER FEDERAL LAW 852
FOR A CRIME OTHER THAN THEFT, RECEIVING STOLEN PROPERTY, OR MONEY 853
LAUNDERING, THE SUPERINTENDENT MAY ASSESS A PENALTY AGAINST THE 854
LICENSEE OR ACT TO REVOKE OR SUSPEND THE LICENSE OF THE LICENSEE 855
PURSUANT TO CHAPTER 119. OF THE REVISED CODE.
Sec. 4727.16. (A) A PERSON LICENSED AS A PAWNBROKER UNDER 857
THIS CHAPTER SHALL STATE THE LICENSE NUMBER ISSUED BY THE 859
SUPERINTENDENT OF FINANCIAL INSTITUTIONS IN ALL ADVERTISEMENTS, 860
OFFERS, AND SOLICITATIONS.
(B) NO PERSON NOT LICENSED UNDER THIS CHAPTER MAY 862
ADVERTISE AS A PAWNBROKER. 863
(C) NO PERSON THAT PRODUCES TELEPHONE BOOKS OR SELLS 865
BILLBOARD OR BROADCAST ADVERTISING, AND NO PERIODICAL PUBLISHERS 867
AND OTHER ADVERTISING COMPANIES AND MEDIA DOING BUSINESS IN OHIO, 868
SHALL ACCEPT OR CONTRACT FOR ANY PAWNBROKER LISTING, 869
19
ADVERTISEMENT, OFFER, OR SOLICITATION IN OHIO FROM A PERSON NOT 870
LICENSED AS A PAWNBROKER UNDER THIS CHAPTER.
Sec. 4727.17. (A) EVERY SALE, TRANSFER, OR HYPOTHECATION 872
OF ANY STOCK, SECURITY, MEMBERSHIP, PARTNERSHIP, OR OTHER 873
EQUITABLE, BENEFICIAL, OR OWNERSHIP INTEREST IN A PERSON LICENSED 874
AS A PAWNBROKER, IN AN AMOUNT REPRESENTING A TEN PER CENT OR 875
GREATER EQUITABLE, MEMBERSHIP, PARTNERSHIP, BENEFICIAL, OR OTHER 876
OWNERSHIP INTEREST IN THE LICENSEE, MUST BE APPROVED IN WRITING 877
BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS PRIOR TO THE
SALE, TRANSFER, OR HYPOTHECATION OF THE INTEREST IN THE LICENSEE. 878
(B) EVERY PERSON ACQUIRING OR RECEIVING AN INTEREST AS 880
DESCRIBED IN DIVISION (A) OF THIS SECTION IS SUBJECT TO THE 881
LICENSING REQUIREMENTS OF THIS CHAPTER AS IF THE PERSON WERE A 882
NEW AND SEPARATE LICENSE APPLICANT. 883
Sec. 4727.18. (A) ANY INFORMATION ARISING FROM, OBTAINED 885
BY, OR CONTAINED IN AN INVESTIGATION OF A PERSON LICENSED AS A 886
PAWNBROKER UNDER THIS CHAPTER PERFORMED BY THE SUPERINTENDENT OF 888
FINANCIAL INSTITUTIONS IS PRIVILEGED AND CONFIDENTIAL INFORMATION 889
AND NOT DISCOVERABLE BY MEANS OF A CIVIL OR CRIMINAL RULE OR BY A
PUBLIC RECORDS REQUEST PURSUANT TO CHAPTER 149. OF THE REVISED 890
CODE. THE SUPERINTENDENT, HOWEVER, MAY SHARE INVESTIGATION 891
INFORMATION WITH ANY OTHER LAW ENFORCEMENT AGENCY. 893
(B) ANY INFORMATION ARISING FROM, OBTAINED BY, OR 895
CONTAINED IN AN INVESTIGATION BY THE SUPERINTENDENT OF ANY PERSON 896
THE SUPERINTENDENT REASONABLY SUSPECTS HAS VIOLATED OR IS 897
VIOLATING THIS CHAPTER IS PRIVILEGED AND CONFIDENTIAL INFORMATION 898
AND NOT DISCOVERABLE BY MEANS OF A CIVIL OR CRIMINAL RULE OR BY A 899
PUBLIC RECORDS REQUEST PURSUANT TO CHAPTER 149. OF THE REVISED 900
CODE. THE SUPERINTENDENT, HOWEVER, MAY SHARE INVESTIGATION 901
INFORMATION WITH ANY OTHER LAW ENFORCEMENT AGENCY.
(C) ANY INFORMATION A LICENSEE PROVIDES TO A LAW 903
ENFORCEMENT OFFICER PURSUANT TO SECTION 4727.09 OF THE REVISED 904
CODE IS PRIVILEGED AND CONFIDENTIAL INFORMATION AND NOT 905
DISCOVERABLE BY MEANS OF A CIVIL OR CRIMINAL RULE OR BY A PUBLIC 906
20
RECORDS REQUEST PURSUANT TO CHAPTER 149. OF THE REVISED CODE. 907
Sec. 4727.19. (A) EFFECTIVE WITH THE TWO-YEAR PERIOD THAT 909
BEGINS JUNE 30, 2000, AND EVERY TWO-YEAR PERIOD THEREAFTER, EACH 910
PERSON LICENSED AS A PAWNBROKER UNDER THIS CHAPTER SHALL COMPLETE 911
BY THE END OF THE PERIOD AT LEAST TWENTY HOURS OF CONTINUING 913
EDUCATION INSTRUCTION OFFERED IN A COURSE OR PROGRAM APPROVED BY 914
THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS AFTER CONSULTATION 915
WITH AN INDUSTRY REPRESENTATIVE SELECTED BY THE SUPERINTENDENT.
(B) ANY PERSON LICENSED UNDER THIS CHAPTER WHO HAS MORE 917
THAN THREE EMPLOYEES SHALL DESIGNATE AN INDIVIDUAL TO THE 918
SUPERINTENDENT AS A SALESPERSON. EFFECTIVE WITH THE TWO-YEAR 919
PERIOD THAT BEGINS JUNE 30, 2000, AND EVERY TWO-YEAR PERIOD 920
THEREAFTER, A SALESPERSON SHALL COMPLETE BY THE END OF THE PERIOD 921
AT LEAST TEN HOURS OF CONTINUING EDUCATION INSTRUCTION OFFERED IN 922
A COURSE OR PROGRAM APPROVED BY THE SUPERINTENDENT IN 923
CONSULTATION WITH A DESIGNATED INDUSTRY REPRESENTATIVE. 924
(C) EACH LOCATION OF THOSE PERSONS LICENSED UNDER THIS 926
CHAPTER WHO HAVE THREE OR MORE EMPLOYEES SHALL HAVE AT LEAST ONE 929
SALESPERSON WHO MEETS THE CONTINUING EDUCATION REQUIREMENTS OF 930
THIS SECTION.
(D) THE SUPERINTENDENT, IN ACCORDANCE WITH CHAPTER 119. OF 933
THE REVISED CODE, MAY SUSPEND, REVOKE, OR REFUSE TO RENEW THE
LICENSE OF ANY LICENSEE WHO FAILS TO COMPLY WITH THIS SECTION. 934
(E) THE SUPERINTENDENT, IN ACCORDANCE WITH CHAPTER 119. OF 937
THE REVISED CODE, MAY ADOPT RULES REGARDING CONTINUING EDUCATION
FEES, LOCATION, TIMES, FREQUENCY, AND WAIVERS OF REQUIREMENTS. 938
Sec. 4727.20. (A) NO PERSON LICENSED AS A PAWNBROKER 940
UNDER THIS CHAPTER SHALL CONDUCT BUSINESS IN THIS STATE, UNLESS 942
THE LICENSEE DOES EITHER OF THE FOLLOWING:
(1) MAINTAINS LIQUID ASSETS IN A MINIMUM AMOUNT OF FIFTY 944
THOUSAND DOLLARS; 945
(2) OBTAINS A SURETY BOND ISSUED BY A BONDING COMPANY OR 948
INSURANCE COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE. THE
BOND SHALL BE IN FAVOR OF THE SUPERINTENDENT OF FINANCIAL 949
21
INSTITUTIONS AND IN THE PENAL SUM OF AT LEAST TWENTY-FIVE 950
THOUSAND DOLLARS. THE LICENSEE SHALL FILE A COPY OF THE BOND 951
WITH THE SUPERINTENDENT. THE BOND SHALL BE FOR THE EXCLUSIVE 952
BENEFIT OF ANY PERSON INJURED BY A LICENSEE'S VIOLATION OF THIS 953
CHAPTER. THE AGGREGATE LIABILITY OF THE SURETY FOR ANY AND ALL 955
BREACHES OF THE CONDITIONS OF THE BOND SHALL NOT EXCEED THE PENAL 956
SUM OF THE BOND.
(B) THE LICENSEE SHALL GIVE NOTICE TO THE SUPERINTENDENT 958
BY CERTIFIED MAIL OF ANY ACTION THAT IS BROUGHT AGAINST THE 959
LICENSEE AND OF ANY JUDGMENT THAT IS ENTERED AGAINST THE LICENSEE 960
BY A PERSON INJURED BY A VIOLATION OF THIS CHAPTER. THE NOTICE 961
SHALL PROVIDE DETAILS SUFFICIENT TO IDENTIFY THE ACTION OR 962
JUDGMENT AND SHALL BE FILED WITH THE SUPERINTENDENT WITHIN TEN 963
DAYS AFTER THE COMMENCEMENT OF THE ACTION OR NOTICE TO THE
LICENSEE OF ENTRY OF A JUDGMENT. THE SURETY, WITHIN TEN DAYS 964
AFTER IT PAYS ANY CLAIM OR JUDGMENT, SHALL GIVE NOTICE TO THE 965
SUPERINTENDENT BY CERTIFIED MAIL OF THE PAYMENT, WITH DETAILS 966
SUFFICIENT TO IDENTIFY THE PERSON AND THE CLAIM OR JUDGMENT PAID. 967
(C) WHENEVER THE PENAL SUM OF THE SURETY BOND IS REDUCED 969
BY ONE OR MORE RECOVERIES OR PAYMENTS, THE LICENSEE SHALL FURNISH 970
A NEW OR ADDITIONAL BOND UNDER THIS SECTION, SO THAT THE TOTAL OR 971
AGGREGATE PENAL SUM OF THE BOND OR BONDS EQUALS THE SUM REQUIRED 972
BY THIS SECTION, OR SHALL FURNISH AN ENDORSEMENT EXECUTED BY THE 973
SURETY REINSTATING THE BOND TO THE REQUIRED PENAL SUM OF THE 974
BOND.
(D) THE LIABILITY OF THE SURETY ON THE BOND TO THE 976
SUPERINTENDENT AND TO ANY PERSON INJURED BY A VIOLATION OF THIS 977
CHAPTER IS NOT AFFECTED IN ANY WAY BY ANY MISREPRESENTATION, 978
BREACH OF WARRANTY, OR FAILURE TO PAY THE PREMIUM, BY ANY ACT OR 979
OMISSION UPON THE PART OF THE LICENSEE, BY THE INSOLVENCY OR 980
BANKRUPTCY OF THE LICENSEE, OR BY THE INSOLVENCY OF THE
LICENSEE'S ESTATE. THE LIABILITY FOR ANY ACT OR OMISSION THAT 981
OCCURS DURING THE TERM OF THE SURETY BOND SHALL BE MAINTAINED AND 982
IN EFFECT FOR AT LEAST TWO YEARS AFTER THE DATE ON WHICH THE 983
22
SURETY BOND IS TERMINATED OR CANCELED.
(E) THE LICENSEE SHALL NOT CANCEL THE SURETY BOND EXCEPT 985
UPON NOTICE TO THE SUPERINTENDENT BY CERTIFIED MAIL, RETURN 986
RECEIPT REQUESTED. THE CANCELLATION IS NOT EFFECTIVE PRIOR TO 987
THIRTY DAYS AFTER THE SUPERINTENDENT RECEIVES THE NOTICE. 988
(F) NO LICENSEE SHALL FAIL TO COMPLY WITH THIS SECTION. 990
Sec. 4727.16 4727.21. The state, through the 999
superintendent of the division of financial institutions in the 1,000
department of commerce, in accordance with this chapter, shall be 1,001
IS the sole regulator of persons engaged in business as 1,003
pawnbrokers.
Sec. 4727.99. (A) Whoever violates sections 4727.03 to 1,012
4727.15 4727.21 of the Revised Code is guilty of a misdemeanor of 1,013
the third degree on a first offense and a misdemeanor of the 1,014
second degree on each subsequent offense. 1,015
(B) Whoever violates section 4727.02 of the Revised Code 1,017
is guilty of a felony of the fifth degree. 1,018
Section 2. That existing sections 4727.01, 4727.02, 1,020
4727.03, 4727.04, 4727.05, 4727.06, 4727.08, 4727.09, 4727.10, 1,021
4727.11, 4727.12, 4727.13, 4727.14, 4727.15, 4727.16, and 4727.99 1,022
of the Revised Code are hereby repealed.
Section 3. Section 4727.01 of the Revised Code is 1,024
presented in this act as a composite of the section as amended by 1,025
both Am. Sub. H.B. 353 and Am. Sub. S.B. 293 of the 121st General 1,027
Assembly, with the new language of neither of the acts shown in 1,028
capital letters. Section 4727.06 of the Revised Code is 1,029
presented in this act as a composite of the section as amended by 1,030
both Sub. H.B. 376 and Sub. S.B. 259 of the 120th General 1,031
Assembly, with the new language of neither of the acts shown in 1,033
capital letters. Section 4727.08 of the Revised Code is 1,034
presented in this act as a composite of the section as amended by 1,035
both Am. Sub. H.B. 353 and Am. Sub. S.B. 293 of the 121st General 1,036
Assembly, with the new language of neither of the acts shown in 1,038
capital letters. This is in recognition of the principle stated 1,039
23
in division (B) of section 1.52 of the Revised Code that such 1,040
amendments are to be harmonized where not substantively 1,041
irreconcilable and constitutes a legislative finding that such is 1,042
the resulting version in effect prior to the effective date of 1,043
this act.