As Passed by the House 1
123rd General Assembly 4
Regular Session Sub. H. B. No. 467 5
1999-2000 6
REPRESENTATIVES SCHULER-ALLEN-VESPER-BRITTON-EVANS- 8
DePIERO-MOTTLEY-PERRY-BARRETT-GRENDELL 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 within an agreed-to 51
time period two persons and for an amount greater than the price 53
the person originally paid to that OTHER person for the purchase 54
of the personal property. 55
(B) "Superintendent of financial institutions" includes 57
the deputy superintendent for consumer finance as provided in 58
section 1181.21 of the Revised Code. 59
Sec. 4727.02. No person shall act as a pawnbroker, or 68
advertise, transact, or solicit business as a pawnbroker, without 69
first having obtained a license from the division SUPERINTENDENT 70
of financial institutions in the department of commerce. 71
Sec. 4727.03. (A) As used in this section, "experience 80
and fitness in the capacity involved" means that the applicant 81
for a pawnbroker's license demonstrates sufficient financial 82
responsibility, reputation, and experience in the pawnbroker 83
business, or in a related business, to act as a pawnbroker in 84
compliance with sections 4727.01 to 4727.16 of the Revised Code 85
THIS CHAPTER. "Experience and fitness in the capacity involved" 87
shall be determined by: 88
(1) Prior or current ownership or management of, or 90
employment in, a pawnshop; 91
(2) Demonstration to the satisfaction of the 93
superintendent of financial institutions of a thorough working 95
knowledge of all pawnbroker laws and rules as they relate to the 96
actual operation of a pawnshop;.
A DEMONSTRATION SHALL INCLUDE A DEMONSTRATION OF AN ABILITY 98
TO PROPERLY COMPLETE FORMS, KNOWLEDGE OF HOW TO PROPERLY 99
CALCULATE INTEREST AND STORAGE CHARGES, AND KNOWLEDGE OF LEGAL 100
NOTICE AND FORFEITURE PROCEDURES. THE FINAL DETERMINATION OF 101
WHETHER AN APPLICANT'S DEMONSTRATION IS ADEQUATE RESTS WITH THE 102
SUPERINTENDENT OF FINANCIAL INSTITUTIONS.
(3) A submission by the applicant and any stockholders, 104
OWNERS, MANAGERS, directors, or officers of the pawnshop, and 105
employees of the applicant to a police record check; and 107
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(4) Liquid assets in a minimum amount of twenty-five ONE 109
HUNDRED thousand dollars at the time of applying for initial 111
licensure and demonstration of the ability to maintain the liquid 112
assets at a minimum amount of ten FIFTY thousand dollars for the 113
duration of holding a valid pawnbroker's license. 115
(B) The division of financial institutions SUPERINTENDENT 117
may grant a license to act as a pawnbroker to any person of good 118
character and having experience and fitness in the capacity 120
involved to engage in the business of pawnbroking upon the 121
payment to the division SUPERINTENDENT of a license fee 122
determined by the superintendent pursuant to section 1321.20 of 123
the Revised Code. A LICENSE IS NOT TRANSFERABLE OR ASSIGNABLE. 124
(C) THE SUPERINTENDENT MAY CONSIDER AN APPLICATION 127
WITHDRAWN AND MAY RETAIN THE INVESTIGATION FEE IF BOTH OF THE 128
FOLLOWING ARE TRUE:
(1) AN APPLICATION FOR A LICENSE DOES NOT CONTAIN ALL OF 130
THE INFORMATION REQUIRED UNDER DIVISION (B) OF THIS SECTION. 131
(2) THE INFORMATION IS NOT SUBMITTED TO THE SUPERINTENDENT 133
WITHIN NINETY DAYS AFTER THE SUPERINTENDENT REQUESTS THE 134
INFORMATION FROM THE APPLICANT IN WRITING. 135
(D) The division SUPERINTENDENT shall require an applicant 138
for a pawnbroker's license to pay to it THE SUPERINTENDENT a 139
nonrefundable initial investigation fee of two hundred dollars, 141
which is for the exclusive use of the state. The license shall be 142
issued by the division SUPERINTENDENT and shall expire on the 144
thirtieth day of June next following the date of its issuance. 145
Fifty per cent of the annual license fee shall be for the use of 146
the state, and fifty per cent shall be paid by the state to the 147
municipal corporation, or if outside the limits of any municipal 148
corporation, to the county, in which the office of the licensee 149
is located. All such fees payable to municipal corporations or 150
counties shall be paid annually.
(E) Every such PAWNBROKER'S license shall be renewed 152
annually by the thirtieth day of June according to the standard 154
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renewal procedure of Chapter 4745. of the Revised Code. The fee 155
for renewal of a license shall be equivalent to the fee for an 156
initial license established by the superintendent pursuant to 157
section 1321.20 of the Revised Code. Any licensee who wishes to 158
renew the licensee's PAWNBROKER'S license but who fails to do so 159
on or before the thirtieth day of June shall reapply for 162
licensure in the same manner and pursuant to the same 163
requirements as for initial licensure, unless the licensee pays 164
to the division SUPERINTENDENT on or before the thirty-first day 167
of August of the year the license expires, a late renewal penalty 168
of one hundred dollars in addition to the regular renewal fee. 169
Any person LICENSEE who fails to renew the person's license on or 170
before the thirtieth day of June is prohibited from acting as a 172
pawnbroker until the person's license is renewed or a new license 173
is issued under this section. Any person LICENSEE who renews a 174
license between the first day of July and the thirty-first day of 176
August is not relieved from complying with this division. The 177
division SUPERINTENDENT may refuse to issue to or renew the 179
license of any person LICENSEE who violates this division. 180
(F) No license shall be granted to any person not a 182
resident of or the principal office of which is not located in 183
the municipal corporation or county designated in such license 184
unless such THAT applicant, in writing and in due form approved 186
by and filed with the division SUPERINTENDENT, first appoints an 187
agent, a resident of the state, and city or county where the 189
office is to be located, upon whom all judicial and other 190
process, or legal notice, directed to the applicant may be 191
served. In case of the death, removal from the state, or any 192
legal disability or any disqualification of any such agent, 193
service of such process or notice may be made upon the 194
superintendent.
The division SUPERINTENDENT may, upon notice to the 196
licensee and reasonable opportunity to be heard, suspend or 197
revoke any license or assess a penalty against the licensee if 198
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the licensee, or the licensee's officers, agents, or employees, 199
has violated sections 4727.01 to 4727.16 of the Revised Code THIS 200
CHAPTER. Any penalty shall be appropriate to the violation but 202
in no case shall the penalty be less than two hundred nor more 203
than two thousand dollars. Whenever, for any cause, a license is 204
suspended or revoked, the division SUPERINTENDENT shall not issue 205
another license to the licensee nor to the legal spouse of the 207
licensee, nor to any copartnership or corporation BUSINESS ENTITY 208
of which the licensee is an officer OR MEMBER OR PARTNER, nor to 209
any person employed by the licensee, until the expiration of at 210
least one year TWO YEARS from the date of revocation or 213
suspension of the license. The division SUPERINTENDENT shall 214
deposit all penalties allocated pursuant to this section into the 216
state treasury to the credit of the consumer finance fund. 217
Any proceedings for the revocation or suspension of a 219
license or to assess a penalty against a licensee are subject to 220
Chapter 119. of the Revised Code. 221
(C)(G) If a licensee surrenders or chooses not to renew 223
the licensee's PAWNBROKER'S license, the licensee shall notify 224
the superintendent thirty days prior to the date on which the 225
licensee intends to close the licensee's business as a 226
pawnbroker. Prior to the date, the licensee shall do either of 227
the following with respect to all active loans: 228
(1) Dispose of an active loan by selling the loan to 230
another person holding a valid pawnbroker's license issued under 231
this section; 232
(2) Reduce the rate of interest on pledged articles held 234
as security for a loan to eight per cent per annum or less 235
effective on the date that the pawnbroker's license is no longer 236
valid. 237
(D) The director of commerce may compel, by subpoena, 239
witnesses to appear and testify in relation to investigations 240
under this chapter and may require, by subpoena duces tecum, the 241
production of any book, paper, or document pertaining to an 242
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investigation under this chapter. If a person fails to comply 243
with a subpoena or subpoena duces tecum issued under this 244
division, the director may apply to the court of common pleas in 245
the county where the investigation is being conducted for an 246
order compelling the person to comply with the subpoena or 247
subpoena duces tecum or, for failure to do so, to be held in 248
contempt of court. 249
(E) A pawnbroker licensed under this section shall 251
maintain liquid assets of at least ten thousand dollars for the 252
duration that the licensee holds a valid pawnbroker's license 253
issued pursuant to this section. 254
Sec. 4727.04. (A) Application AN APPLICATION for a 263
pawnbroker's license shall state fully the name and address of 265
the person, or corporation, APPLICANT and of every member of the 266
firm, partnership, or association, authorized to do business 268
thereunder, PARTNER, STOCKHOLDER, OR OWNER OF AN APPLICANT, and 269
the location of the office or place of business in which the 270
business is conducted; and in the case of a corporation, shall 271
also state the date and place of its incorporation, the name and 272
address of its manager, the names and addresses of its directors, 273
the name and address of the agent as provided in section 4727.03 274
of the Revised Code, and any other information required by the 275
division SUPERINTENDENT of financial institutions in the 277
department of commerce. 278
The license shall be kept posted in a conspicuous place in 280
the office where the business is transacted. No person so 281
licensed shall transact or solicit business under any other name 282
or at any location other than at the address stated in the 283
person's license. No licensee may move the licensee's business 285
location without prior notification to the superintendent of 286
financial institutions of at least thirty days. If the licensee 287
moves out of the municipal corporation or county in which the 289
licensee was originally licensed, the licensee shall pay an 290
additional annual license fee to be distributed in accordance 291
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with section 4727.03 of the Revised Code. 292
(B) A person licensed as a pawnbroker shall post a 294
conspicuous notice in its place of business, visible to all 295
patrons, in a form and at places designated by rule of the 296
division, that the licensee has no right to retain goods stolen 298
from the true owner, and that the owner may recover the goods or 299
their value from the pawnbroker in an action at law, or, in the 300
event the police take custody of the goods, by police release 301
pursuant to section 2933.41 of the Revised Code.
(C) The superintendent may issue to a pawnbroker licensed 304
under this chapter a temporary exhibition permit pursuant to 305
division (C)(1) of section 4728.04 of the Revised Code. 306
(1) A LICENSEE WHO WISHES TO BE ISSUED A TEMPORARY PERMIT 308
PURSUANT TO DIVISION (C)(1) OF SECTION 4728.04 OF THE REVISED 309
CODE SHALL MAKE REQUEST FOR SUCH ISSUANCE BY LETTER ADDRESSED TO 310
THE SUPERINTENDENT. THE LETTER OF REQUEST SHALL CONTAIN THE 311
LICENSEE'S NAME, PERMANENT BUSINESS ADDRESS, AND LICENSE NUMBER. 312
(2) UPON RECEIPT OF A TEMPORARY EXHIBITION PERMIT, THE 314
PERMIT HOLDER SHALL CONSPICUOUSLY DISPLAY THE PERMIT AT THE PLACE 315
WHERE THE PERMIT HOLDER TRANSACTS BUSINESS AT ANY AUCTION, 317
CONVENTION, EXHIBITION, FAIR, OR SHOW.
(3) EVERY PERMIT HOLDER WHO WISHES TO PARTICIPATE IN AN 319
AUCTION, CONVENTION, EXHIBITION, FAIR, OR SHOW, AT LEAST TWO 320
WEEKS PRIOR TO ITS OPENING, SHALL NOTIFY THE SUPERINTENDENT OR 321
THE CHIEF OF POLICE OF THE MUNICIPAL CORPORATION IN WHICH THE 322
EVENT IS TO TAKE PLACE, OR IF THE EVENT IS TO TAKE PLACE OUTSIDE 324
OF ANY MUNICIPAL CORPORATION, THEN THE SHERIFF OF THE COUNTY IN
WHICH THE EVENT IS TO TAKE PLACE. SUCH NOTIFICATION SHALL BE BY 326
LETTER AND SHALL INCLUDE THE PERMIT HOLDER'S NAME, PERMANENT 327
BUSINESS ADDRESS, AND PERMIT NUMBER, AND THE PLACE WHERE THE 328
EVENT IS SCHEDULED TO BE HELD.
(C) EVERY LICENSEE SHALL POST AT THE MAIN DOOR OF THE 330
LICENSEE'S PLACE OF BUSINESS THE HOURS OR TIMES WHEN THE 331
ESTABLISHMENT IS OPEN FOR BUSINESS. NO LICENSEE SHALL COLLECT 332
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INTEREST AND STORAGE ON ANY LOAN FOR ANY REGULAR BUSINESS DAY 333
THAT THE ESTABLISHMENT IS NOT OPEN FOR BUSINESS AS POSTED, UNLESS 334
PRIOR NOTICE OF A CLOSING IS POSTED ON THE DOOR OR THE CLOSING IS 335
OCCASIONED BY AN ACT OF GOD, UNFORESEEN EMERGENCY, OR OTHER EVENT
BEYOND THE CONTROL OF THE LICENSEE. A LICENSEE SHALL NOTIFY THE 336
SUPERINTENDENT OF ANY CHANGE IN THE POSTED HOURS OF OPERATION. 337
(D) NO LICENSEE SHALL FAIL TO OBSERVE THE POSTED HOURS OF 339
OPERATION PURSUANT TO DIVISION (C) OF THIS SECTION EXCEPT AS 340
AUTHORIZED BY THAT DIVISION. 341
Sec. 4727.05. The superintendent of financial institutions 350
shall, either personally, or by such person as the superintendent 352
may appoint for the purpose, at least once a year EVERY EIGHTEEN 353
MONTHS, and more often if deemed advisable, investigate the 354
business of every person licensed as a pawnbroker, and of every 355
person, copartnership, and corporation by whom or for which any 356
such loan or purchase shall be made, whether such person, 357
copartnership, or corporation shall act, or claim to act, as 358
principal, agent, or broker, or under or without the authority of 359
sections 4727.01 to 4727.16 of the Revised Code THIS CHAPTER, and 360
for that purpose shall have free access to all the pledged or 362
purchased articles, books, and all papers relating to the 363
licensee's business. The superintendent and every examiner may 364
examine, under oath or affirmation, any person whose testimony 365
may relate to any business coming within sections 4727.01 to 366
4727.16 of the Revised Code THIS CHAPTER.
Sec. 4727.06. (A) No pawnbroker shall charge, receive, or 375
demand interest for any loan in excess of five per cent per month 376
or fraction of a month on the unpaid principal. INTEREST SHALL 377
BE COMPUTED ON A MONTHLY BASIS ON THE AMOUNT OF THE PRINCIPAL 378
REMAINING UNPAID ON THE FIRST DAY OF THE MONTH AND SHALL NOT BE 379
COMPOUNDED.
(B) In addition to such THE rate of interest, the 382
LIMITATION IMPOSED PURSUANT TO DIVISION (A) OF THIS SECTION, THE 383
licensee may make a total charge for the storage of pledged 385
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articles held as security for a loan, a sum not exceeding two NO 386
MORE THAN:
(1) THREE dollars per month or fraction of a month for all 389
pledged articles held as security OR STORED for a loan, to be
agreed to in writing at the time the loan is made; in instances 390
where the licensee is to deliver or forward the pledged article 391
by express or parcel post, the licensee may make an additional 392
charge of three 393
(2) FOUR dollars plus the actual cost of shipping. The, 396
WHEN THE licensee may make an additional charge of one dollar IS 397
TO DELIVER OR FORWARD THE PLEDGED ARTICLE BY EXPRESS OR PARCEL 398
POST TO THE PLEDGOR; 400
(3) TWO DOLLARS for the loss of the original statement 403
issued to the pledgor by the licensee pursuant to section 4727.07 404
of the Revised Code upon redemption of the pledged articles. The 405
licensee also may make a charge of one dollar; 406
(4) TWO DOLLARS for the cost of notifying a pledgor by 408
mail that the pledged articles may be forfeited to the licensee 410
pursuant to section 4727.11 of the Revised Code. The interest 411
and charges shall not be deducted or paid in advance of the dates 412
that the interest and charges are due, except upon redemption of 413
the pledged articles. 414
(B) Subject to the maximum amount upon which interest may 416
be computed pursuant to division (A) of this section, monthly 417
interest charges shall be computed monthly on the amount of the 418
principal remaining unpaid on the first day of that month and 419
shall not be compounded. 420
(C) A licensee who complies with the requirements or 422
procedures of this state pursuant to the application of the 423
"Brady Handgun Violence Protection Act," Pub. L. No. 103-159, 107 424
Stat. 1536 (1993), 18 U.S.C.A. 922 (AS AMENDED), may charge any 426
fee the licensee is required by law to pay in order to comply 427
with such requirements or procedures. The licensee also may 428
charge a fee of NO MORE THAN two dollars for providing services 429
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in compliance with such requirements or procedures. 430
(D) A PLEDGOR MAY PAY A PORTION OF THE OUTSTANDING 432
PRINCIPAL LOAN BALANCE AT ANY TIME. A PLEDGOR MAY REDEEM A PAWN 433
LOAN AT ANY TIME AFTER SEVENTY-TWO HOURS HAVE PASSED SINCE THE 434
PLEDGE WAS MADE. A PLEDGOR MAY NOT PREPAY INTEREST OR STORAGE 436
CHARGES, EXCEPT WHEN THE PLEDGOR REDEEMS THE PLEDGED PROPERTY. 437
Sec. 4727.08. (A) Every person licensed as a pawnbroker 448
shall keep and use separate pawn forms and purchase forms to be 449
approved by the superintendent of the division of financial 451
institutions in the department of commerce. The forms
(B) THE LICENSEE shall disclose, at the time RECORD ON THE 454
APPROPRIATE FORM FOR each purchase PAWN or loan is made, an 455
accurate description of the goods, articles, or things deposited, 456
the PURCHASE ALL OF THE FOLLOWING INFORMATION: 457
(1) THE DATE AND time of THE pledging or selling them, the 460
PURCHASING;
(2) THE amount of money loaned on them or paid for them, 464
the LOAN OR THE PURCHASE PRICE;
(3) THE rate of interest and THE charges to be paid on 468
such THE loan, the; 469
(4) THE time within which such pawn THE PLEDGOR is to be 472
redeemed, with REDEEM the PLEDGED PROPERTY; 473
(5) THE name, age, place of residence, AND ADDRESS OF THE 476
PLEDGOR OR SELLER;
(6) A driver's or commercial driver's license number, 479
social security MILITARY IDENTIFICATION number, or other personal 481
identification, and a short NUMBER; 482
(7) A physical description of the person of the pledgor or 485
seller. When any item is pledged or sold, the licensee also 487
shall write on such form;
(8) AN ACCURATE DESCRIPTION OF THE PLEDGED OR PURCHASED 490
PROPERTY, INCLUDING the name of the maker MANUFACTURER, the ANY 491
serial and model numbers, or other ANY identifying features;, and 493
where jewelry or gold or silver articles of any kind are pledged 495
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or sold, the licensee shall write on the form all identifying 496
letters or marks inscribed thereon; 497
(9) ANY OTHER DISCLOSURES REQUIRED BY FEDERAL LAW. One 500
(C) A copy of the forms EACH FORM USED IN A PAWN OR 502
PURCHASE shall be kept at all times in numerical order in an 504
active or inactive file, as appropriate, or bound books available 505
AND THE LICENSEE SHALL ACCOUNT for inspection by the division; 506
all FORM numbers shall be accountable. Such 507
(D) THE records and forms, at all times, shall be kept at 510
the licensed location and open to the AVAILABLE FOR inspection of 511
BY the superintendent or the chief of police of the municipal 513
corporation, a police officer deputed or authorized by the chief 514
of police, or the mayor of the OR TOWNSHIP IN WHICH THE 515
LICENSEE'S PLACE OF BUSINESS IS LOCATED, OR IF THE PLACE OF 517
BUSINESS IS NOT LOCATED WITHIN A municipal corporation OR
TOWNSHIP, THEN THE SHERIFF OF THE COUNTY IN WHICH THE PLACE OF 519
BUSINESS IS LOCATED. Upon demand of any of them, such person so 521
licensed THE LICENSEE shall produce and show ANY records, forms, 522
and pledges, or purchases which are in the person's LICENSEE'S 524
possession.
(E) Except in the case of a pledged motor vehicle, 526
watercraft, or outboard motor, the licensee shall keep all 528
pledges and purchases at the licensee's place of business unless 529
a pledgor, IN WRITING, agrees otherwise at the time the pledge is 531
made. If the item pledged for the pawn loan is a motor vehicle, 532
watercraft, or outboard motor, the pawnbroker LICENSEE shall take 533
possession of both the motor vehicle, watercraft, or outboard 534
motor and the certificate of title to the motor vehicle, 535
watercraft, or outboard motor, and shall keep the certificate at 537
the pawnbroker's LICENSEE'S place of business but, upon 538
notification to the pledgor, may keep the motor vehicle, 540
watercraft, or outboard motor at a location other than the
pawnbroker's LICENSEE'S place of business. No pledge shall be 542
removed from the place of business for the licensee's personal 543
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use or gain.
(F) EVERY PERSON LICENSED AS A PAWNBROKER UNDER THIS 545
CHAPTER SHALL KEEP AND USE AN INTELLIGIBLE SET OF BOOKS AND 547
RECORDS IN THE ENGLISH LANGUAGE IN COMPLYING WITH THIS CHAPTER 548
WITH RESPECT TO RECORDING THE DETAILS OF EACH PURCHASE OR LOAN. 549
EXCEPT AS PROVIDED IN DIVISION (J) OF THIS SECTION, ALL 551
INFORMATION REQUIRED TO BE RECORDED BY THIS CHAPTER SHALL BE 552
ENTERED IN A BOUND BOOK OR ON LOOSE-LEAF, PERMANENT FORMS USED
EXCLUSIVELY FOR THAT PURPOSE. FORMS SHALL BE IDENTICAL AND 553
CONSECUTIVELY NUMBERED, AND EACH SHALL CONTAIN TWO OR MORE PAGES. 554
ONE PART OF EACH FORM SHALL BE DETACHABLE AND, WHEN COMPLETED, 555
SHALL SERVE AS THE STATEMENT TO BE GIVEN BY THE LICENSEE TO THE 556
PLEDGOR OR SELLER AS PROVIDED BY SECTION 4727.07 OF THE REVISED 557
CODE. THE REMAINING PART OF THE FORM SHALL BE RETAINED IN THE
LICENSEE'S PERMANENT RECORDS. ALL FORMS SHALL BE ACCOUNTED FOR. 558
(G) NO LICENSEE SHALL REQUIRE A BORROWER TO AFFIX THE 561
BORROWER'S SIGNATURE TO A BLANK OR PARTIALLY FILLED OUT PAWN FORM 562
OR OTHER RECORD.
(H) EVERY LICENSEE SHALL PRESERVE THE LICENSEE'S BOOKS, 564
FORMS, ACCOUNTS, AND RECORDS FOR AT LEAST TWO YEARS AFTER MAKING 565
THE FINAL ENTRY REGARDING ANY PURCHASE OR PLEDGE OF PROPERTY 566
RECORDED THEREIN.
(I) ALL PAWN AND PURCHASE FORMS, LEGAL NOTICES, AND 568
PAYMENT RECEIPT FORMS SHALL REFLECT THE NAME UNDER WHICH THE 569
LICENSEE IS REGISTERED WITH THE SUPERINTENDENT AND THE COMPLETE 570
ADDRESS OF THE PLACE OF BUSINESS.
(J) NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, A 572
LICENSEE MAY USE OTHER METHODS OF RECORDING DATA, KEEPING 573
RECORDS, AND KEEPING BOOKS, SUCH AS ELECTRONIC OR COMPUTERIZED 574
METHODS, IN LIEU OF THE METHODS DESCRIBED IN THIS SECTION, 576
PROVIDED WRITTEN PRINTOUTS OR HARD COPIES OF THE REQUIRED DATA 577
ARE READILY AVAILABLE IN A FORM APPROVED, IN ADVANCE, BY THE 578
SUPERINTENDENT.
Sec. 4727.09. Each (A) A PERSON LICENSED AS A pawnbroker 588
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shall, every business day, make available FURNISH THE FOLLOWING 589
INFORMATION to the chief of police or the head of the police 590
department, on forms to be furnished by the police department, a 591
OF THE MUNICIPAL CORPORATION OR TOWNSHIP IN WHICH THE LICENSEE'S 592
PLACE OF BUSINESS IS LOCATED, OR IF THE PLACE OF BUSINESS IS NOT 594
LOCATED WITHIN A MUNICIPAL CORPORATION OR TOWNSHIP, THEN THE 595
SHERIFF OF THE COUNTY IN WHICH THE PLACE OF BUSINESS IS LOCATED: 597
(1) A description of all articles received PROPERTY 599
PLEDGED WITH OR PURCHASED by him by pledge or sale on the 601
business day immediately preceding, together with the number of 602
the ticket issued THE LICENSEE;
(2) THE NUMBER OF THE PAWN OR PURCHASE FORM THE LICENSEE 604
USED TO DOCUMENT THE PLEDGE OR PURCHASE. 605
(B) A LICENSEE SHALL PROVIDE THE PROPERTY DESCRIPTION AND 607
FORM NUMBER REQUIRED BY DIVISION (A) OF THIS SECTION ON THE FORM 608
FURNISHED BY THE LAW ENFORCEMENT OFFICER REQUESTING THE 609
INFORMATION. THE COMPLETED FORM MAY BE COMMUNICATED BY 610
ELECTRONIC TRANSFER OR BE IN A MAGNETIC MEDIA FORMAT. 611
(C) FOR THE PURPOSES OF THIS SECTION, A LICENSEE NEED 613
PROVIDE ONLY THE INFORMATION REQUIRED BY DIVISION (A) OF THIS 614
SECTION.
Sec. 4727.10. No PERSON LICENSED AS A pawnbroker shall 623
receive any pledge or purchase any articles from any minor, or 625
from any person who is at the time intoxicated or under the 626
influence of a controlled substance, or from any person who is 627
known or believed by the licensee to be a thief, or a receiver of 628
stolen property, OR FROM ANY PERSON IDENTIFIED IN WRITING TO THE 629
LICENSEE BY THE CHIEF OF POLICE OF A MUNICIPAL CORPORATION OR 630
TOWNSHIP, SHERIFF, OR THE STATE HIGHWAY PATROL AS A KNOWN OR 632
SUSPECTED THIEF OR RECEIVER OF STOLEN PROPERTY. 633
Sec. 4727.11. (A) If any person receiving a loan from a 642
pawnbroker on a pledge of personal property A PLEDGOR fails to 643
redeem or pay interest on any articles pledged within TO A PERSON 645
LICENSED AS A PAWNBROKER ON A PAWN LOAN FOR two months from the 646
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date of the loan or the date on which the last interest payment 647
is due, the licensee shall notify the pledgor by mail, with proof 648
of mailing, to the last place of address given by the pledgor, 649
that unless the pledge or PLEDGOR REDEEMS THE PLEDGED property is 651
redeemed OR PAYS ALL INTEREST DUE AND STORAGE CHARGES within one 652
month THIRTY DAYS from the date the notice is mailed, it THE 653
PLEDGED PROPERTY shall be forfeited to the licensee. If the 655
pledgor fails to redeem the property OR PAY ALL INTEREST DUE AND 656
STORAGE CHARGES within the period specified in the notice, the 657
licensee shall proceed to take ownership BECOMES THE OWNER of the 659
pledge or PLEDGED property.
(B) In the event that any article or property is redeemed 661
by a person other than the pledgor, the pledgor shall sign his 662
THE PLEDGOR'S copy of the statement required under section 664
4727.07 of the Revised Code, which copy shall be presented by the 665
person to the licensee. The licensee shall verify the name of 666
the person redeeming the article or property, and shall record 667
the person's name, AND driver's or commercial driver's license 668
number, or social security number OTHER PERSONAL IDENTIFICATION 671
NUMBER, on the licensee's copy of the statement, and shall 673
require the person to sign this copy.
(C) In the event that any articles or property pledged are 675
lost or rendered inoperable due to negligence of the licensee, 676
the licensee shall replace the articles or property with 677
identical articles or property, except that if the licensee 678
cannot reasonably obtain identical articles or property, the 679
licensee shall replace the articles or property with like 680
articles or property. 681
(D) WHEN AN ACCOUNT IS PAID IN FULL, THE LICENSEE SHALL 683
RETURN THE PLEDGED ARTICLE IMMEDIATELY TO THE PLEDGOR. IN THE 684
EVENT THE PLEDGOR SELLS, TRANSFERS, OR ASSIGNS THE PLEDGE, THE 685
LICENSEE SHALL VERIFY THE NAME OF THE PERSON REDEEMING THE PLEDGE 686
AND RECORD THAT PERSON'S NAME, DRIVER'S LICENSE NUMBER, AND 687
SIGNATURE ON THE PERMANENT COPY OF THE STATEMENT OF PLEDGE 688
15
REQUIRED PURSUANT TO SECTION 4727.07 OF THE REVISED CODE. THE 689
LICENSEE ALSO SHALL OBTAIN THE SIGNATURE OF THE PLEDGOR, OR OTHER 690
PERSON REDEEMING THE PLEDGE, UPON A SEPARATE RECORD OF THE 692
TRANSACTION, THAT ACKNOWLEDGES THE TOTAL DOLLAR AMOUNT PAID FOR
REDEMPTION AND THE DATE OF REDEMPTION. ALL RECORDS SHALL BE KEPT 693
IN THE LICENSEE'S PLACE OF BUSINESS. 694
Sec. 4727.12. (A) A PERSON LICENSED AS A pawnbroker shall 703
retain any and all goods or articles pledged with him THE 705
LICENSEE until the expiration of seventy-two hours after the 707
pledge was IS made, and shall retain any goods or articles 709
purchased by him THE LICENSEE until the expiration of fifteen 711
days after the purchase was IS made. The licensee may dispose of 712
such goods or articles sooner with the written permission of the 713
local CHIEF OF THE police department OF THE MUNICIPAL CORPORATION 714
OR TOWNSHIP IN WHICH THE LICENSEE'S PLACE OF BUSINESS IS LOCATED, 715
OR IF THE PLACE OF BUSINESS IS NOT LOCATED WITHIN A MUNICIPAL 716
CORPORATION OR TOWNSHIP, THEN THE SHERIFF OF THE COUNTY IN WHICH 718
THE BUSINESS IS LOCATED.
(B) If the chief OF POLICE or head of the police 720
department SHERIFF to whom the licensee made MAKES available the 722
information required by section 4727.09 of the Revised Code has 724
probable cause to believe that the article described therein is 725
stolen property, he THE CHIEF OR SHERIFF shall notify the 727
licensee in writing. Upon receipt of such a notice, the licensee 728
shall retain the article until the expiration of thirty days 729
after the day on which he THE LICENSEE is first required to make 730
available the information required by section 4727.09 of the
Revised Code, unless the chief or the head of the police 731
department SHERIFF notifies the licensee in writing that he THE 733
LICENSEE is not required to retain the article until such 734
expiration.
(C) If the chief or the head of the local police 736
department SHERIFF receives a report that property has been 737
stolen and determines the identity of the true owner of the 738
16
allegedly stolen property that has been purchased or pawned and 739
are IS held by a licensee, and informs the licensee of the true 740
owner's identity, the licensee may restore the allegedly stolen 741
property to the true owner directly. 742
If a licensee fails to restore the allegedly stolen 744
property, the true owner may recover the property from the 746
licensee in an action at law.
(D) If the licensee returns the allegedly stolen property 748
to the true owner, the licensee may charge the person who pledged 749
or sold the allegedly stolen property to him THE LICENSEE, and 750
any person who acted in consort with the pledgor or the seller to 752
defraud the licensee, the amount the licensee paid or loaned for 753
the allegedly stolen property, plus interest and storage charges 754
provided for in section 4727.06 of the Revised Code. 755
Sec. 4727.13. (A) The superintendent of financial 764
institutions shall adopt rules in accordance with Chapter 119. of 765
the Revised Code for the administration and enforcement of 766
sections 4727.01 to 4727.16 of the Revised Code THIS CHAPTER. 767
(B) The superintendent shall enforce sections 4727.01 to 769
4727.16 of the Revised Code THIS CHAPTER, make all reasonable 770
effort to discover alleged violators, notify the proper 772
prosecuting officer whenever the superintendent has reasonable 773
grounds to believe that a violation has occurred, act as 775
complainant in the prosecution thereof, and aid such officers to 776
the best of the superintendent's ability in such prosecutions. 777
The superintendent shall employ such deputies as may be necessary 778
to make the investigations and inspections, and otherwise perform 779
the duties imposed by such sections.
(C) THE SUPERINTENDENT MAY ISSUE A CEASE AND DESIST ORDER 781
AGAINST ANY PERSON THE SUPERINTENDENT REASONABLY SUSPECTS HAS 782
VIOLATED, IS CURRENTLY VIOLATING, OR IS ABOUT TO VIOLATE THIS 783
CHAPTER. THE SUPERINTENDENT MAY APPLY TO A COURT OF COMMON PLEAS 784
FOR AN ORDER COMPELLING A PERSON TO COMPLY WITH ANY CEASE AND 785
DESIST ORDER OR ANY SUBPOENA ISSUED BY THE SUPERINTENDENT.
17
(D) THE SUPERINTENDENT MAY OBTAIN FROM THE COURT OF COMMON 787
PLEAS ANY FORM OF INJUNCTIVE RELIEF AGAINST ANY PERSON THAT HAS 788
VIOLATED, IS CURRENTLY VIOLATING, OR IS ABOUT TO VIOLATE THIS 789
CHAPTER.
(E) TO ENFORCE THIS CHAPTER, THE SUPERINTENDENT MAY ISSUE 791
A SUBPOENA TO ANY PERSON TO COMPEL THE PRODUCTION OF ANY ITEM, 792
RECORD, OR WRITING, INCLUDING AN ELECTRONIC WRITING, AND MAY 793
ISSUE A SUBPOENA TO ANY PERSON TO COMPEL THE APPEARANCE AND 794
RENDERING OF TESTIMONY.
(F) THE SUPERINTENDENT MAY EXAMINE AND INVESTIGATE THE 796
BUSINESS, INCLUDING THE BUSINESS LOCATION AND ANY BOOKS, RECORDS, 797
WRITINGS, INCLUDING ELECTRONIC WRITINGS, SAFES, FILES, OR STORAGE 798
AREAS LOCATED IN OR UTILIZED BY THE BUSINESS LOCATION, OF ANY 799
PERSON THE SUPERINTENDENT REASONABLY SUSPECTS TO BE ADVERTISING, 800
TRANSACTING, OR SOLICITING BUSINESS AS A PAWNBROKER. THE
SUPERINTENDENT MAY REQUEST THE ATTENDANCE AND ASSISTANCE OF THE 801
APPROPRIATE CHIEF OF POLICE OF A MUNICIPAL CORPORATION OR 802
TOWNSHIP, THE COUNTY SHERIFF, OR THE STATE HIGHWAY PATROL DURING 803
THE EXAMINATION AND INVESTIGATION OF THE BUSINESS. 804
Sec. 4727.14. Sections 4727.01 to 4727.15 of the Revised 813
Code do THIS CHAPTER DOES not apply to persons who obtain 814
licenses under sections 1321.01 to 1321.19 or 1321.51 to 1321.60 816
of the Revised Code, or to national banks, state banks, or
FEDERALLY INSURED DEPOSITORY INSTITUTIONS SUCH AS A STATE OR 817
FEDERALLY CHARTERED BANK, savings and loan associations 819
ASSOCIATION, or credit unions UNION. 820
Sec. 4727.15. (A) No person, firm, partnership, 829
corporation, or association LICENSED AS A PAWNBROKER UNDER THIS 830
CHAPTER, and no agent, officer, or employee thereof, shall 831
violate sections 4727.01 to 4727.15 of the Revised Code THIS 832
CHAPTER. The division of financial institutions upon criminal 833
conviction shall revoke any license issued to such person, firm, 834
partnership, corporation, or association. The division also may 835
assess a penalty against or revoke or suspend the license of any 836
18
licensee in accordance with section 4727.03 of the Revised Code 837
upon a criminal conviction of the licensee for any criminal 838
offense.
(B) UPON THE CRIMINAL CONVICTION OF A LICENSEE OR ANY 840
EMPLOYEE, MANAGER, OFFICER, DIRECTOR, SHAREHOLDER, MEMBER, OR 841
PARTNER OF A LICENSEE FOR A VIOLATION OF THIS CHAPTER, THE 843
SUPERINTENDENT OF FINANCIAL INSTITUTIONS MAY SUSPEND THE LICENSE 844
OF THE LICENSEE WITHOUT A PRIOR HEARING TO PROTECT THE PUBLIC 845
INTEREST AND SUBSEQUENTLY MAY ACT TO REVOKE THE LICENSE OF THE 846
LICENSEE PURSUANT TO CHAPTER 119. OF THE REVISED CODE. 847
(C) UPON THE CRIMINAL CONVICTION OF A LICENSEE OR ANY 849
EMPLOYEE, MANAGER, OFFICER, DIRECTOR, SHAREHOLDER, MEMBER, OR 850
PARTNER OF A LICENSEE UNDER ANY SECTION IN TITLE XXIX OF THE 851
REVISED CODE OR UNDER FEDERAL LAW FOR THEFT, RECEIVING STOLEN 852
PROPERTY, OR MONEY LAUNDERING, THE SUPERINTENDENT MAY SUSPEND THE 853
LICENSE OF THE LICENSEE WITHOUT A PRIOR HEARING TO PROTECT THE
PUBLIC INTEREST AND MAY ACT TO REVOKE THE LICENSE OF THE LICENSEE 855
PURSUANT TO CHAPTER 119. OF THE REVISED CODE. 856
(D) UPON THE CRIMINAL CONVICTION OF A LICENSEE UNDER ANY 858
SECTION OF TITLE XXIX OF THE REVISED CODE OR UNDER FEDERAL LAW 859
FOR A CRIME OTHER THAN THEFT, RECEIVING STOLEN PROPERTY, OR MONEY 860
LAUNDERING, THE SUPERINTENDENT MAY ASSESS A PENALTY AGAINST THE 861
LICENSEE OR ACT TO REVOKE OR SUSPEND THE LICENSE OF THE LICENSEE 862
PURSUANT TO CHAPTER 119. OF THE REVISED CODE.
Sec. 4727.16. (A) A PERSON LICENSED AS A PAWNBROKER UNDER 864
THIS CHAPTER SHALL STATE THE LICENSE NUMBER ISSUED BY THE 866
SUPERINTENDENT OF FINANCIAL INSTITUTIONS IN ALL ADVERTISEMENTS, 867
OFFERS, AND SOLICITATIONS.
(B) NO PERSON NOT LICENSED UNDER THIS CHAPTER MAY 869
ADVERTISE AS A PAWNBROKER. 870
(C) NO PERSON THAT PRODUCES TELEPHONE BOOKS OR SELLS 872
BILLBOARD OR BROADCAST ADVERTISING, AND NO PERIODICAL PUBLISHERS 874
AND OTHER ADVERTISING COMPANIES AND MEDIA DOING BUSINESS IN OHIO, 875
SHALL ACCEPT OR CONTRACT FOR ANY PAWNBROKER LISTING, 876
19
ADVERTISEMENT, OFFER, OR SOLICITATION IN OHIO FROM A PERSON NOT 877
LICENSED AS A PAWNBROKER UNDER THIS CHAPTER.
Sec. 4727.17. (A) EVERY SALE, TRANSFER, OR HYPOTHECATION 879
OF ANY STOCK, SECURITY, MEMBERSHIP, PARTNERSHIP, OR OTHER 880
EQUITABLE, BENEFICIAL, OR OWNERSHIP INTEREST IN A PERSON LICENSED 881
AS A PAWNBROKER, IN AN AMOUNT REPRESENTING A TEN PER CENT OR 882
GREATER EQUITABLE, MEMBERSHIP, PARTNERSHIP, BENEFICIAL, OR OTHER 883
OWNERSHIP INTEREST IN THE LICENSEE, MUST BE APPROVED IN WRITING 884
BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS PRIOR TO THE
SALE, TRANSFER, OR HYPOTHECATION OF THE INTEREST IN THE LICENSEE. 885
(B) EVERY PERSON ACQUIRING OR RECEIVING AN INTEREST AS 887
DESCRIBED IN DIVISION (A) OF THIS SECTION IS SUBJECT TO THE 888
LICENSING REQUIREMENTS OF THIS CHAPTER AS IF THE PERSON WERE A 889
NEW AND SEPARATE LICENSE APPLICANT. 890
Sec. 4727.18. (A) ANY INFORMATION ARISING FROM, OBTAINED 892
BY, OR CONTAINED IN AN INVESTIGATION OF A PERSON LICENSED AS A 893
PAWNBROKER UNDER THIS CHAPTER PERFORMED BY THE SUPERINTENDENT OF 895
FINANCIAL INSTITUTIONS IS CONFIDENTIAL INFORMATION AND NOT A 896
PUBLIC RECORD PURSUANT TO CHAPTER 149. OF THE REVISED CODE. 897
(B) ANY INFORMATION ARISING FROM, OBTAINED BY, OR 899
CONTAINED IN AN INVESTIGATION BY THE SUPERINTENDENT OF ANY PERSON 900
THE SUPERINTENDENT REASONABLY SUSPECTS HAS VIOLATED OR IS 901
VIOLATING THIS CHAPTER IS CONFIDENTIAL INFORMATION AND NOT A 902
PUBLIC RECORD PURSUANT TO CHAPTER 149. OF THE REVISED CODE. 903
Sec. 4727.19. (A) EFFECTIVE WITH THE TWO-YEAR PERIOD THAT 905
BEGINS JUNE 30, 2000, AND EVERY TWO-YEAR PERIOD THEREAFTER, EACH 906
PERSON LICENSED AS A PAWNBROKER UNDER THIS CHAPTER SHALL COMPLETE 907
BY THE END OF THE PERIOD AT LEAST TWELVE HOURS OF CONTINUING 909
EDUCATION INSTRUCTION OFFERED IN A COURSE OR PROGRAM APPROVED BY 910
THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS AFTER CONSULTATION 911
WITH AN INDUSTRY REPRESENTATIVE SELECTED BY THE SUPERINTENDENT.
(B) ANY PERSON LICENSED UNDER THIS CHAPTER WHO HAS MORE 913
THAN THREE EMPLOYEES SHALL DESIGNATE AN INDIVIDUAL TO THE 914
SUPERINTENDENT AS A SALESPERSON. EFFECTIVE WITH THE TWO-YEAR 915
20
PERIOD THAT BEGINS JUNE 30, 2000, AND EVERY TWO-YEAR PERIOD 916
THEREAFTER, A SALESPERSON SHALL COMPLETE BY THE END OF THE PERIOD 917
AT LEAST EIGHT HOURS OF CONTINUING EDUCATION INSTRUCTION OFFERED 918
IN A COURSE OR PROGRAM APPROVED BY THE SUPERINTENDENT IN 919
CONSULTATION WITH A DESIGNATED INDUSTRY REPRESENTATIVE. 920
(C) EACH LOCATION OF THOSE PERSONS LICENSED UNDER THIS 922
CHAPTER WHO HAVE THREE OR MORE EMPLOYEES SHALL HAVE AT LEAST ONE 925
SALESPERSON WHO MEETS THE CONTINUING EDUCATION REQUIREMENTS OF 926
THIS SECTION.
(D) THE SUPERINTENDENT, IN ACCORDANCE WITH CHAPTER 119. OF 929
THE REVISED CODE, MAY SUSPEND, REVOKE, OR REFUSE TO RENEW THE
LICENSE OF ANY LICENSEE WHO FAILS TO COMPLY WITH THIS SECTION. 930
(E) THE SUPERINTENDENT, IN ACCORDANCE WITH CHAPTER 119. OF 933
THE REVISED CODE, MAY ADOPT RULES REGARDING CONTINUING EDUCATION
FEES, LOCATION, TIMES, FREQUENCY, AND WAIVERS OF REQUIREMENTS. 934
Sec. 4727.20. (A) NO PERSON LICENSED AS A PAWNBROKER 936
UNDER THIS CHAPTER SHALL CONDUCT BUSINESS IN THIS STATE, UNLESS 938
THE LICENSEE DOES EITHER OF THE FOLLOWING:
(1) MAINTAINS LIQUID ASSETS IN A MINIMUM AMOUNT OF FIFTY 940
THOUSAND DOLLARS; 941
(2) OBTAINS A SURETY BOND ISSUED BY A BONDING COMPANY OR 944
INSURANCE COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE. THE
BOND SHALL BE IN FAVOR OF THE SUPERINTENDENT OF FINANCIAL 945
INSTITUTIONS AND IN THE PENAL SUM OF AT LEAST TWENTY-FIVE 946
THOUSAND DOLLARS. THE LICENSEE SHALL FILE A COPY OF THE BOND 947
WITH THE SUPERINTENDENT. THE BOND SHALL BE FOR THE EXCLUSIVE 948
BENEFIT OF ANY PERSON INJURED BY A LICENSEE'S VIOLATION OF THIS 949
CHAPTER. THE AGGREGATE LIABILITY OF THE SURETY FOR ANY AND ALL 951
BREACHES OF THE CONDITIONS OF THE BOND SHALL NOT EXCEED THE PENAL 952
SUM OF THE BOND.
(B) THE LICENSEE SHALL GIVE NOTICE TO THE SUPERINTENDENT 954
BY CERTIFIED MAIL OF ANY ACTION THAT IS BROUGHT AGAINST THE 955
LICENSEE AND OF ANY JUDGMENT THAT IS ENTERED AGAINST THE LICENSEE 956
BY A PERSON INJURED BY A VIOLATION OF THIS CHAPTER. THE NOTICE 957
21
SHALL PROVIDE DETAILS SUFFICIENT TO IDENTIFY THE ACTION OR 958
JUDGMENT AND SHALL BE FILED WITH THE SUPERINTENDENT WITHIN TEN 959
DAYS AFTER THE COMMENCEMENT OF THE ACTION OR NOTICE TO THE
LICENSEE OF ENTRY OF A JUDGMENT. THE SURETY, WITHIN TEN DAYS 960
AFTER IT PAYS ANY CLAIM OR JUDGMENT, SHALL GIVE NOTICE TO THE 961
SUPERINTENDENT BY CERTIFIED MAIL OF THE PAYMENT, WITH DETAILS 962
SUFFICIENT TO IDENTIFY THE PERSON AND THE CLAIM OR JUDGMENT PAID. 963
(C) WHENEVER THE PENAL SUM OF THE SURETY BOND IS REDUCED 965
BY ONE OR MORE RECOVERIES OR PAYMENTS, THE LICENSEE SHALL FURNISH 966
A NEW OR ADDITIONAL BOND UNDER THIS SECTION, SO THAT THE TOTAL OR 967
AGGREGATE PENAL SUM OF THE BOND OR BONDS EQUALS THE SUM REQUIRED 968
BY THIS SECTION, OR SHALL FURNISH AN ENDORSEMENT EXECUTED BY THE 969
SURETY REINSTATING THE BOND TO THE REQUIRED PENAL SUM OF THE 970
BOND.
(D) THE LIABILITY OF THE SURETY ON THE BOND TO THE 972
SUPERINTENDENT AND TO ANY PERSON INJURED BY A VIOLATION OF THIS 973
CHAPTER IS NOT AFFECTED IN ANY WAY BY ANY MISREPRESENTATION, 974
BREACH OF WARRANTY, OR FAILURE TO PAY THE PREMIUM, BY ANY ACT OR 975
OMISSION UPON THE PART OF THE LICENSEE, BY THE INSOLVENCY OR 976
BANKRUPTCY OF THE LICENSEE, OR BY THE INSOLVENCY OF THE
LICENSEE'S ESTATE. THE LIABILITY FOR ANY ACT OR OMISSION THAT 977
OCCURS DURING THE TERM OF THE SURETY BOND SHALL BE MAINTAINED AND 978
IN EFFECT FOR AT LEAST TWO YEARS AFTER THE DATE ON WHICH THE 979
SURETY BOND IS TERMINATED OR CANCELED.
(E) THE LICENSEE SHALL NOT CANCEL THE SURETY BOND EXCEPT 981
UPON NOTICE TO THE SUPERINTENDENT BY CERTIFIED MAIL, RETURN 982
RECEIPT REQUESTED. THE CANCELLATION IS NOT EFFECTIVE PRIOR TO 983
THIRTY DAYS AFTER THE SUPERINTENDENT RECEIVES THE NOTICE. 984
(F) NO LICENSEE SHALL FAIL TO COMPLY WITH THIS SECTION. 986
Sec. 4727.16 4727.21. The state, through the 995
superintendent of the division of financial institutions in the 996
department of commerce, in accordance with this chapter, shall be 997
IS the sole regulator of persons engaged in business as 999
pawnbrokers.
22
Sec. 4727.99. (A) Whoever violates sections 4727.03 to 1,008
4727.15 4727.21 of the Revised Code is guilty of a misdemeanor of 1,009
the third degree on a first offense and a misdemeanor of the 1,010
second degree on each subsequent offense. 1,011
(B) Whoever violates section 4727.02 of the Revised Code 1,013
is guilty of a felony of the fifth degree. 1,014
Section 2. That existing sections 4727.01, 4727.02, 1,016
4727.03, 4727.04, 4727.05, 4727.06, 4727.08, 4727.09, 4727.10, 1,017
4727.11, 4727.12, 4727.13, 4727.14, 4727.15, 4727.16, and 4727.99 1,018
of the Revised Code are hereby repealed.
Section 3. Section 4727.01 of the Revised Code is 1,020
presented in this act as a composite of the section as amended by 1,021
both Am. Sub. H.B. 353 and Am. Sub. S.B. 293 of the 121st General 1,023
Assembly, with the new language of neither of the acts shown in 1,024
capital letters. Section 4727.06 of the Revised Code is 1,025
presented in this act as a composite of the section as amended by 1,026
both Sub. H.B. 376 and Sub. S.B. 259 of the 120th General 1,027
Assembly, with the new language of neither of the acts shown in 1,029
capital letters. Section 4727.08 of the Revised Code is 1,030
presented in this act as a composite of the section as amended by 1,031
both Am. Sub. H.B. 353 and Am. Sub. S.B. 293 of the 121st General 1,032
Assembly, with the new language of neither of the acts shown in 1,034
capital letters. This is in recognition of the principle stated 1,035
in division (B) of section 1.52 of the Revised Code that such 1,036
amendments are to be harmonized where not substantively 1,037
irreconcilable and constitutes a legislative finding that such is 1,038
the resulting version in effect prior to the effective date of 1,039
this act.