As Reported by the Senate State and Local Government 2
and Veterans Affairs Committee 2
123rd General Assembly 5
Regular Session Sub. H. B. No. 467 6
1999-2000 7
REPRESENTATIVES SCHULER-ALLEN-VESPER-BRITTON-EVANS- 9
DePIERO-MOTTLEY-PERRY-BARRETT-GRENDELL- 11
SENATORS BLESSING-GARDNER-SPADA
_________________________________________________________________ 13
A B I L L
To amend sections 4727.01 to 4727.06, 4727.08 to 15
4727.16, and 4727.99; to amend, for the purpose 16
of adopting a new section number as indicated in
parentheses, section 4727.16 (4727.21); and to 17
enact new section 4727.16 and sections 4727.17 to 18
4727.20 of the Revised Code to revise the
Pawnbroker Licensing Law. 19
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 21
Section 1. That sections 4727.01, 4727.02, 4727.03, 23
4727.04, 4727.05, 4727.06, 4727.08, 4727.09, 4727.10, 4727.11, 24
4727.12, 4727.13, 4727.14, 4727.15, 4727.16, and 4727.99 be 25
amended, section 4727.16 (4727.21) be amended for the purpose of 26
adopting a new section number as indicated in parentheses, and
new section 4727.16 and sections 4727.17, 4727.18, 4727.19, and 27
4727.20 of the Revised Code be enacted to read as follows: 28
Sec. 4727.01. As used in sections 4727.01 to 4727.16 of 40
the Revised Code THIS CHAPTER: 41
(A) "Pawnbroker" means a person engaged in the business of 44
lending money on deposit or pledges of personal property, other
than securities, printed evidence of indebtedness, titles, deeds, 46
or bills of sale, at a total charge, rate of interest, or 47
discount or other remuneration in excess of eight per cent per 48
annum, and includes a person engaged in the business of 50
2
purchasing personal property from another person with an 51
agreement that the person the personal property will be made 52
available to that other person for repurchase within an agreed-to 54
time period two persons and for an amount greater than the price 56
the person originally paid to that OTHER person for the purchase 57
of the personal property. 58
(B) "Superintendent of financial institutions" includes 60
the deputy superintendent for consumer finance as provided in 61
section 1181.21 of the Revised Code. 62
Sec. 4727.02. No person shall act as a pawnbroker, or 71
advertise, transact, or solicit business as a pawnbroker, without 72
first having obtained a license from the division SUPERINTENDENT 73
of financial institutions in the department of commerce. 74
Sec. 4727.03. (A) As used in this section, "experience 83
and fitness in the capacity involved" means that the applicant 84
for a pawnbroker's license demonstrates sufficient financial 85
responsibility, reputation, and experience in the pawnbroker 86
business, or in a related business, to act as a pawnbroker in 87
compliance with sections 4727.01 to 4727.16 of the Revised Code 88
THIS CHAPTER. "Experience and fitness in the capacity involved" 90
shall be determined by: 91
(1) Prior or current ownership or management of, or 93
employment in, a pawnshop; 94
(2) Demonstration to the satisfaction of the 96
superintendent of financial institutions of a thorough working 98
knowledge of all pawnbroker laws and rules as they relate to the 99
actual operation of a pawnshop;.
A DEMONSTRATION SHALL INCLUDE A DEMONSTRATION OF AN ABILITY 101
TO PROPERLY COMPLETE FORMS, KNOWLEDGE OF HOW TO PROPERLY 102
CALCULATE INTEREST AND STORAGE CHARGES, AND KNOWLEDGE OF LEGAL 103
NOTICE AND FORFEITURE PROCEDURES. THE FINAL DETERMINATION OF 104
WHETHER AN APPLICANT'S DEMONSTRATION IS ADEQUATE RESTS WITH THE 105
SUPERINTENDENT OF FINANCIAL INSTITUTIONS.
(3) A submission by the applicant and any stockholders, 107
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OWNERS, MANAGERS, directors, or officers of the pawnshop, and 108
employees of the applicant to a police record check; and 110
(4) Liquid assets in a minimum amount of twenty-five ONE 112
HUNDRED thousand dollars at the time of applying for initial 114
licensure and demonstration of the ability to maintain the liquid 115
assets at a minimum amount of ten FIFTY thousand dollars for the 116
duration of holding a valid pawnbroker's license. 118
(B) The division of financial institutions SUPERINTENDENT 120
may grant a license to act as a pawnbroker to any person of good 121
character and having experience and fitness in the capacity 123
involved to engage in the business of pawnbroking upon the 124
payment to the division SUPERINTENDENT of a license fee 125
determined by the superintendent pursuant to section 1321.20 of 126
the Revised Code. A LICENSE IS NOT TRANSFERABLE OR ASSIGNABLE. 127
(C) THE SUPERINTENDENT MAY CONSIDER AN APPLICATION 130
WITHDRAWN AND MAY RETAIN THE INVESTIGATION FEE IF BOTH OF THE 131
FOLLOWING ARE TRUE:
(1) AN APPLICATION FOR A LICENSE DOES NOT CONTAIN ALL OF 133
THE INFORMATION REQUIRED UNDER DIVISION (B) OF THIS SECTION. 134
(2) THE INFORMATION IS NOT SUBMITTED TO THE SUPERINTENDENT 136
WITHIN NINETY DAYS AFTER THE SUPERINTENDENT REQUESTS THE 137
INFORMATION FROM THE APPLICANT IN WRITING. 138
(D) The division SUPERINTENDENT shall require an applicant 141
for a pawnbroker's license to pay to it THE SUPERINTENDENT a 142
nonrefundable initial investigation fee of two hundred dollars, 144
which is for the exclusive use of the state. The license shall be 145
issued by the division SUPERINTENDENT and shall expire on the 147
thirtieth day of June next following the date of its issuance. 148
Fifty per cent of the annual license fee shall be for the use of 149
the state, and fifty per cent shall be paid by the state to the 150
municipal corporation, or if outside the limits of any municipal 151
corporation, to the county, in which the office of the licensee 152
is located. All such fees payable to municipal corporations or 153
counties shall be paid annually.
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(E) Every such PAWNBROKER'S license shall be renewed 155
annually by the thirtieth day of June according to the standard 157
renewal procedure of Chapter 4745. of the Revised Code. The fee 158
for renewal of a license shall be equivalent to the fee for an 159
initial license established by the superintendent pursuant to 160
section 1321.20 of the Revised Code. Any licensee who wishes to 161
renew the licensee's PAWNBROKER'S license but who fails to do so 162
on or before the thirtieth day of June shall reapply for 165
licensure in the same manner and pursuant to the same 166
requirements as for initial licensure, unless the licensee pays 167
to the division SUPERINTENDENT on or before the thirty-first day 170
of August of the year the license expires, a late renewal penalty 171
of one hundred dollars in addition to the regular renewal fee. 172
Any person LICENSEE who fails to renew the person's license on or 173
before the thirtieth day of June is prohibited from acting as a 175
pawnbroker until the person's license is renewed or a new license 176
is issued under this section. Any person LICENSEE who renews a 177
license between the first day of July and the thirty-first day of 179
August is not relieved from complying with this division. The 180
division SUPERINTENDENT may refuse to issue to or renew the 182
license of any person LICENSEE who violates this division. 183
(F) No license shall be granted to any person not a 185
resident of or the principal office of which is not located in 186
the municipal corporation or county designated in such license 187
unless such THAT applicant, in writing and in due form approved 189
by and filed with the division SUPERINTENDENT, first appoints an 190
agent, a resident of the state, and city or county where the 192
office is to be located, upon whom all judicial and other 193
process, or legal notice, directed to the applicant may be 194
served. In case of the death, removal from the state, or any 195
legal disability or any disqualification of any such agent, 196
service of such process or notice may be made upon the 197
superintendent.
The division SUPERINTENDENT may, upon notice to the 199
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licensee and reasonable opportunity to be heard, suspend or 200
revoke any license or assess a penalty against the licensee if 201
the licensee, or the licensee's officers, agents, or employees, 202
has violated sections 4727.01 to 4727.16 of the Revised Code THIS 203
CHAPTER. Any penalty shall be appropriate to the violation but 205
in no case shall the penalty be less than two hundred nor more 206
than two thousand dollars. Whenever, for any cause, a license is 207
suspended or revoked, the division SUPERINTENDENT shall not issue 208
another license to the licensee nor to the legal spouse of the 210
licensee, nor to any copartnership or corporation BUSINESS ENTITY 211
of which the licensee is an officer OR MEMBER OR PARTNER, nor to 212
any person employed by the licensee, until the expiration of at 213
least one year TWO YEARS from the date of revocation or 216
suspension of the license. The division SUPERINTENDENT shall 217
deposit all penalties allocated pursuant to this section into the 219
state treasury to the credit of the consumer finance fund. 220
Any proceedings for the revocation or suspension of a 222
license or to assess a penalty against a licensee are subject to 223
Chapter 119. of the Revised Code. 224
(C)(G) If a licensee surrenders or chooses not to renew 226
the licensee's PAWNBROKER'S license, the licensee shall notify 227
the superintendent thirty days prior to the date on which the 228
licensee intends to close the licensee's business as a 229
pawnbroker. Prior to the date, the licensee shall do either of 230
the following with respect to all active loans: 231
(1) Dispose of an active loan by selling the loan to 233
another person holding a valid pawnbroker's license issued under 234
this section; 235
(2) Reduce the rate of interest on pledged articles held 237
as security for a loan to eight per cent per annum or less 238
effective on the date that the pawnbroker's license is no longer 239
valid. 240
(D) The director of commerce may compel, by subpoena, 242
witnesses to appear and testify in relation to investigations 243
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under this chapter and may require, by subpoena duces tecum, the 244
production of any book, paper, or document pertaining to an 245
investigation under this chapter. If a person fails to comply 246
with a subpoena or subpoena duces tecum issued under this 247
division, the director may apply to the court of common pleas in 248
the county where the investigation is being conducted for an 249
order compelling the person to comply with the subpoena or 250
subpoena duces tecum or, for failure to do so, to be held in 251
contempt of court. 252
(E) A pawnbroker licensed under this section shall 254
maintain liquid assets of at least ten thousand dollars for the 255
duration that the licensee holds a valid pawnbroker's license 256
issued pursuant to this section. 257
Sec. 4727.04. (A) Application AN APPLICATION for a 266
pawnbroker's license shall state fully the name and address of 268
the person, or corporation, APPLICANT and of every member of the 269
firm, partnership, or association, authorized to do business 271
thereunder, PARTNER, STOCKHOLDER, OR OWNER OF AN APPLICANT, and 272
the location of the office or place of business in which the 273
business is conducted; and in the case of a corporation, shall 274
also state the date and place of its incorporation, the name and 275
address of its manager, the names and addresses of its directors, 276
the name and address of the agent as provided in section 4727.03 277
of the Revised Code, and any other information required by the 278
division SUPERINTENDENT of financial institutions in the 280
department of commerce. 281
The license shall be kept posted in a conspicuous place in 283
the office where the business is transacted. No person so 284
licensed shall transact or solicit business under any other name 285
or at any location other than at the address stated in the 286
person's license. No licensee may move the licensee's business 288
location without prior notification to the superintendent of 289
financial institutions of at least thirty days. If the licensee 290
moves out of the municipal corporation or county in which the 292
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licensee was originally licensed, the licensee shall pay an 293
additional annual license fee to be distributed in accordance 294
with section 4727.03 of the Revised Code. 295
(B) A person licensed as a pawnbroker shall post a 297
conspicuous notice in its place of business, visible to all 298
patrons, in a form and at places designated by rule of the 299
division, that the licensee has no right to retain goods stolen 301
from the true owner, and that the owner may recover the goods or 302
their value from the pawnbroker in an action at law, or, in the 303
event the police take custody of the goods, by police release 304
pursuant to section 2933.41 of the Revised Code.
(C) The superintendent may issue to a pawnbroker licensed 307
under this chapter a temporary exhibition permit pursuant to 308
division (C)(1) of section 4728.04 of the Revised Code. 309
(1) A LICENSEE WHO WISHES TO BE ISSUED A TEMPORARY PERMIT 311
PURSUANT TO DIVISION (C)(1) OF SECTION 4728.04 OF THE REVISED 312
CODE SHALL MAKE REQUEST FOR SUCH ISSUANCE BY LETTER ADDRESSED TO 313
THE SUPERINTENDENT. THE LETTER OF REQUEST SHALL CONTAIN THE 314
LICENSEE'S NAME, PERMANENT BUSINESS ADDRESS, AND LICENSE NUMBER. 315
(2) UPON RECEIPT OF A TEMPORARY EXHIBITION PERMIT, THE 317
PERMIT HOLDER SHALL CONSPICUOUSLY DISPLAY THE PERMIT AT THE PLACE 318
WHERE THE PERMIT HOLDER TRANSACTS BUSINESS AT ANY AUCTION, 320
CONVENTION, EXHIBITION, FAIR, OR SHOW.
(3) EVERY PERMIT HOLDER WHO WISHES TO PARTICIPATE IN AN 322
AUCTION, CONVENTION, EXHIBITION, FAIR, OR SHOW, AT LEAST TWO 323
WEEKS PRIOR TO ITS OPENING, SHALL NOTIFY THE SUPERINTENDENT AND 324
THE CHIEF OF POLICE OF THE MUNICIPAL CORPORATION IN WHICH THE 325
EVENT IS TO TAKE PLACE, OR IF THE EVENT IS TO TAKE PLACE OUTSIDE 327
OF ANY MUNICIPAL CORPORATION, THEN THE SHERIFF OF THE COUNTY IN
WHICH THE EVENT IS TO TAKE PLACE. SUCH NOTIFICATION SHALL BE BY 329
LETTER AND SHALL INCLUDE THE PERMIT HOLDER'S NAME, PERMANENT 330
BUSINESS ADDRESS, AND PERMIT NUMBER, AND THE PLACE WHERE THE 331
EVENT IS SCHEDULED TO BE HELD.
(C) EVERY LICENSEE SHALL POST AT THE MAIN DOOR OF THE 333
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LICENSEE'S PLACE OF BUSINESS THE HOURS OR TIMES WHEN THE 334
ESTABLISHMENT IS OPEN FOR BUSINESS. NO LICENSEE SHALL COLLECT 335
INTEREST AND STORAGE ON ANY LOAN FOR ANY REGULAR BUSINESS DAY 336
THAT THE ESTABLISHMENT IS NOT OPEN FOR BUSINESS AS POSTED, UNLESS 337
PRIOR NOTICE OF A CLOSING IS POSTED ON THE DOOR OR THE CLOSING IS 338
OCCASIONED BY AN ACT OF GOD, UNFORESEEN EMERGENCY, OR OTHER EVENT
BEYOND THE CONTROL OF THE LICENSEE. A LICENSEE SHALL NOTIFY THE 339
SUPERINTENDENT OF ANY CHANGE IN THE POSTED HOURS OF OPERATION. 340
(D) NO LICENSEE SHALL FAIL TO OBSERVE THE POSTED HOURS OF 342
OPERATION PURSUANT TO DIVISION (C) OF THIS SECTION EXCEPT AS 343
AUTHORIZED BY THAT DIVISION. 344
Sec. 4727.05. The superintendent of financial institutions 353
shall, either personally, or by such person as the superintendent 355
may appoint for the purpose, at least once a year EVERY EIGHTEEN 356
MONTHS, and more often if deemed advisable, investigate the 357
business of every person licensed as a pawnbroker, and of every 358
person, copartnership, and corporation by whom or for which any 359
such loan or purchase shall be made, whether such person, 360
copartnership, or corporation shall act, or claim to act, as 361
principal, agent, or broker, or under or without the authority of 362
sections 4727.01 to 4727.16 of the Revised Code THIS CHAPTER, and 363
for that purpose shall have free access to all the pledged or 365
purchased articles, books, and all papers relating to the 366
licensee's business. The superintendent and every examiner may 367
examine, under oath or affirmation, any person whose testimony 368
may relate to any business coming within sections 4727.01 to 369
4727.16 of the Revised Code THIS CHAPTER.
Sec. 4727.06. (A) No pawnbroker shall charge, receive, or 378
demand interest for any loan in excess of five per cent per month 379
or fraction of a month on the unpaid principal. INTEREST SHALL 380
BE COMPUTED ON A MONTHLY BASIS ON THE AMOUNT OF THE PRINCIPAL 381
REMAINING UNPAID ON THE FIRST DAY OF THE MONTH AND SHALL NOT BE 382
COMPOUNDED.
(B) In addition to such THE rate of interest, the 385
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LIMITATION IMPOSED PURSUANT TO DIVISION (A) OF THIS SECTION, THE 386
licensee may make a total charge for the storage of pledged 388
articles held as security for a loan, a sum not exceeding two NO 389
MORE THAN:
(1) THREE dollars per month or fraction of a month for all 392
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 393
where the licensee is to deliver or forward the pledged article 394
by express or parcel post, the licensee may make an additional 395
charge of three 396
(2) FOUR dollars plus the actual cost of shipping. The, 399
WHEN THE licensee may make an additional charge of one dollar IS 400
TO DELIVER OR FORWARD THE PLEDGED ARTICLE BY EXPRESS OR PARCEL 401
POST TO THE PLEDGOR; 403
(3) TWO DOLLARS for the loss of the original statement 406
issued to the pledgor by the licensee pursuant to section 4727.07 407
of the Revised Code upon redemption of the pledged articles. The 408
licensee also may make a charge of one dollar; 409
(4) TWO DOLLARS for the cost of notifying a pledgor by 411
mail that the pledged articles may be forfeited to the licensee 413
pursuant to section 4727.11 of the Revised Code. The interest 414
and charges shall not be deducted or paid in advance of the dates 415
that the interest and charges are due, except upon redemption of 416
the pledged articles. 417
(B) Subject to the maximum amount upon which interest may 419
be computed pursuant to division (A) of this section, monthly 420
interest charges shall be computed monthly on the amount of the 421
principal remaining unpaid on the first day of that month and 422
shall not be compounded. 423
(C) A licensee who complies with the requirements or 425
procedures of this state pursuant to the application of the 426
"Brady Handgun Violence Protection Act," Pub. L. No. 103-159, 107 427
Stat. 1536 (1993), 18 U.S.C.A. 922, AS AMENDED, may charge any 429
fee the licensee is required by law to pay in order to comply 430
10
with such requirements or procedures. The licensee also may 431
charge a fee of NO MORE THAN two dollars for providing services 432
in compliance with such requirements or procedures. 433
(D) A PLEDGOR MAY PAY A PORTION OF THE OUTSTANDING 435
PRINCIPAL LOAN BALANCE AT ANY TIME. A PLEDGOR MAY REDEEM A PAWN 436
LOAN AT ANY TIME AFTER SEVENTY-TWO HOURS HAVE PASSED SINCE THE 437
PLEDGE WAS MADE. A PLEDGOR MAY NOT PREPAY INTEREST OR STORAGE 439
CHARGES, EXCEPT WHEN THE PLEDGOR REDEEMS THE PLEDGED PROPERTY. 440
Sec. 4727.08. (A) Every person licensed as a pawnbroker 451
shall keep and use separate pawn forms and purchase forms to be 452
approved by the superintendent of the division of financial 454
institutions in the department of commerce. The forms
(B) THE LICENSEE shall disclose, at the time RECORD ON THE 457
APPROPRIATE FORM FOR each purchase PAWN or loan is made, an 458
accurate description of the goods, articles, or things deposited, 459
the PURCHASE ALL OF THE FOLLOWING INFORMATION: 460
(1) THE DATE AND time of THE pledging or selling them, the 463
PURCHASING;
(2) THE amount of money loaned on them or paid for them, 467
the LOAN OR THE PURCHASE PRICE;
(3) THE rate of interest and THE charges to be paid on 471
such THE loan, the; 472
(4) THE time within which such pawn THE PLEDGOR is to be 475
redeemed, with REDEEM the PLEDGED PROPERTY; 476
(5) THE name, age, place of residence, AND ADDRESS OF THE 479
PLEDGOR OR SELLER;
(6) A driver's or commercial driver's license number, 482
social security MILITARY IDENTIFICATION number, or other personal 484
identification, and a short NUMBER; 485
(7) A physical description of the person of the pledgor or 488
seller. When any item is pledged or sold, the licensee also 490
shall write on such form;
(8) AN ACCURATE DESCRIPTION OF THE PLEDGED OR PURCHASED 493
PROPERTY, INCLUDING the name of the maker MANUFACTURER, the ANY 494
11
serial and model numbers, or other ANY identifying features;, and 496
where jewelry or gold or silver articles of any kind are pledged 498
or sold, the licensee shall write on the form all identifying 499
letters or marks inscribed thereon; 500
(9) ANY OTHER DISCLOSURES REQUIRED BY FEDERAL LAW. One 503
(C) A copy of the forms EACH FORM USED IN A PAWN OR 505
PURCHASE shall be kept at all times in numerical order in an 507
active or inactive file, as appropriate, or bound books available 508
AND THE LICENSEE SHALL ACCOUNT for inspection by the division; 509
all FORM numbers shall be accountable. Such 510
(D) THE records and forms, at all times, shall be kept at 513
the licensed location and open to the AVAILABLE FOR inspection of 514
BY the superintendent or AND BY the chief of police of the 517
municipal corporation, a police officer deputed or authorized by 518
the chief of police, or the mayor of the OR TOWNSHIP IN WHICH THE 519
LICENSEE'S PLACE OF BUSINESS IS LOCATED OR, IF THE PLACE OF 521
BUSINESS IS NOT LOCATED WITHIN A municipal corporation OR A 522
TOWNSHIP THAT HAS A CHIEF OF POLICE, BY THE SHERIFF OF THE COUNTY 523
IN WHICH THE PLACE OF BUSINESS IS LOCATED. Upon demand of any of 524
them, such person so licensed THE LICENSEE shall produce and show 526
ANY records, forms, and pledges, or purchases which are in the 527
person's LICENSEE'S possession. 528
(E) Except in the case of a pledged motor vehicle, 530
watercraft, or outboard motor, the licensee shall keep all 532
pledges and purchases at the licensee's place of business unless 533
a pledgor, IN WRITING, agrees otherwise at the time the pledge is 535
made. If the item pledged for the pawn loan is a motor vehicle, 536
watercraft, or outboard motor, the pawnbroker LICENSEE shall take 537
possession of both the motor vehicle, watercraft, or outboard 538
motor and the certificate of title to the motor vehicle, 539
watercraft, or outboard motor, and shall keep the certificate at 541
the pawnbroker's LICENSEE'S place of business but, upon 542
notification to the pledgor, may keep the motor vehicle, 544
watercraft, or outboard motor at a location other than the
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pawnbroker's LICENSEE'S place of business. No pledge shall be 546
removed from the place of business for the licensee's personal 547
use or gain.
(F) EVERY PERSON LICENSED AS A PAWNBROKER UNDER THIS 549
CHAPTER SHALL KEEP AND USE AN INTELLIGIBLE SET OF BOOKS AND 551
RECORDS IN THE ENGLISH LANGUAGE IN COMPLYING WITH THIS CHAPTER 552
WITH RESPECT TO RECORDING THE DETAILS OF EACH PURCHASE OR LOAN. 553
EXCEPT AS PROVIDED IN DIVISION (J) OF THIS SECTION, ALL 555
INFORMATION REQUIRED TO BE RECORDED BY THIS CHAPTER SHALL BE 556
ENTERED IN A BOUND BOOK OR ON LOOSE-LEAF, PERMANENT FORMS USED
EXCLUSIVELY FOR THAT PURPOSE. FORMS SHALL BE IDENTICAL AND 557
CONSECUTIVELY NUMBERED, AND EACH SHALL CONTAIN TWO OR MORE PAGES. 558
ONE PART OF EACH FORM SHALL BE DETACHABLE AND, WHEN COMPLETED, 559
SHALL SERVE AS THE STATEMENT TO BE GIVEN BY THE LICENSEE TO THE 560
PLEDGOR OR SELLER AS PROVIDED BY SECTION 4727.07 OF THE REVISED 561
CODE. THE REMAINING PART OF THE FORM SHALL BE RETAINED IN THE
LICENSEE'S PERMANENT RECORDS. ALL FORMS SHALL BE ACCOUNTED FOR. 562
(G) NO LICENSEE SHALL REQUIRE A BORROWER TO AFFIX THE 565
BORROWER'S SIGNATURE TO A BLANK OR PARTIALLY FILLED OUT PAWN FORM 566
OR OTHER RECORD.
(H) EVERY LICENSEE SHALL PRESERVE THE LICENSEE'S BOOKS, 568
FORMS, ACCOUNTS, AND RECORDS FOR AT LEAST TWO YEARS AFTER MAKING 569
THE FINAL ENTRY REGARDING ANY PURCHASE OR PLEDGE OF PROPERTY 570
RECORDED THEREIN.
(I) ALL PAWN AND PURCHASE FORMS, LEGAL NOTICES, AND 572
PAYMENT RECEIPT FORMS SHALL REFLECT THE NAME UNDER WHICH THE 573
LICENSEE IS REGISTERED WITH THE SUPERINTENDENT AND THE COMPLETE 574
ADDRESS OF THE PLACE OF BUSINESS.
(J) NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, A 576
LICENSEE MAY USE OTHER METHODS OF RECORDING DATA, KEEPING 577
RECORDS, AND KEEPING BOOKS, SUCH AS ELECTRONIC OR COMPUTERIZED 578
METHODS, IN LIEU OF THE METHODS DESCRIBED IN THIS SECTION, 580
PROVIDED WRITTEN PRINTOUTS OR HARD COPIES OF THE REQUIRED DATA 581
ARE READILY AVAILABLE IN A FORM APPROVED, IN ADVANCE, BY THE 582
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SUPERINTENDENT.
Sec. 4727.09. Each (A) A PERSON LICENSED AS A pawnbroker 592
shall, every business day, make available FURNISH THE FOLLOWING 593
INFORMATION to the chief of police or the head of the police 594
department, on forms to be furnished by the police department, a 595
OF THE MUNICIPAL CORPORATION OR TOWNSHIP IN WHICH THE LICENSEE'S 596
PLACE OF BUSINESS IS LOCATED OR, IF THE PLACE OF BUSINESS IS NOT 598
LOCATED WITHIN A MUNICIPAL CORPORATION OR A TOWNSHIP THAT HAS A 599
CHIEF OF POLICE, TO THE SHERIFF OF THE COUNTY IN WHICH THE PLACE 600
OF BUSINESS IS LOCATED: 602
(1) A description of all articles received PROPERTY 604
PLEDGED WITH OR PURCHASED by him by pledge or sale on the 606
business day immediately preceding, together with the number of 607
the ticket issued THE LICENSEE;
(2) THE NUMBER OF THE PAWN OR PURCHASE FORM THE LICENSEE 609
USED TO DOCUMENT THE PLEDGE OR PURCHASE. 610
(B) A LICENSEE SHALL PROVIDE THE PROPERTY DESCRIPTION AND 612
FORM NUMBER REQUIRED BY DIVISION (A) OF THIS SECTION ON THE FORM 613
FURNISHED BY THE LAW ENFORCEMENT OFFICER REQUESTING THE 614
INFORMATION. THE COMPLETED FORM MAY BE COMMUNICATED BY 615
ELECTRONIC TRANSFER OR BE IN A MAGNETIC MEDIA FORMAT. 616
(C) FOR THE PURPOSES OF THIS SECTION, A LICENSEE NEED 618
PROVIDE ONLY THE INFORMATION REQUIRED BY DIVISION (A) OF THIS 619
SECTION.
Sec. 4727.10. No PERSON LICENSED AS A pawnbroker shall 628
receive any pledge or purchase any articles from any minor, or 630
from any person who is at the time intoxicated or under the 631
influence of a controlled substance, or from any person who is 632
known or believed by the licensee to be a thief, or a receiver of 633
stolen property, OR FROM ANY PERSON IDENTIFIED IN WRITING TO THE 634
LICENSEE BY THE CHIEF OF POLICE OF A MUNICIPAL CORPORATION OR 635
TOWNSHIP, THE SHERIFF, OR THE STATE HIGHWAY PATROL AS A KNOWN OR 638
SUSPECTED THIEF OR RECEIVER OF STOLEN PROPERTY. 639
Sec. 4727.11. (A) If any person receiving a loan from a 648
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pawnbroker on a pledge of personal property A PLEDGOR fails to 649
redeem or pay interest on any articles pledged within TO A PERSON 651
LICENSED AS A PAWNBROKER ON A PAWN LOAN FOR two months from the 652
date of the loan or the date on which the last interest payment 653
is due, the licensee shall notify the pledgor by mail, with proof 654
of mailing, to the last place of address given by the pledgor, 655
that unless the pledge or PLEDGOR REDEEMS THE PLEDGED property is 657
redeemed OR PAYS ALL INTEREST DUE AND STORAGE CHARGES within one 658
month THIRTY DAYS from the date the notice is mailed, it THE 659
PLEDGED PROPERTY shall be forfeited to the licensee. If the 661
pledgor fails to redeem the property OR PAY ALL INTEREST DUE AND 662
STORAGE CHARGES within the period specified in the notice, the 663
licensee shall proceed to take ownership BECOMES THE OWNER of the 665
pledge or PLEDGED property.
(B) In the event that any article or property is redeemed 667
by a person other than the pledgor, the pledgor shall sign his 668
THE PLEDGOR'S copy of the statement required under section 670
4727.07 of the Revised Code, which copy shall be presented by the 671
person to the licensee. The licensee shall verify the name of 672
the person redeeming the article or property, and shall record 673
the person's name, AND driver's or commercial driver's license 674
number, or social security number OTHER PERSONAL IDENTIFICATION 677
NUMBER, on the licensee's copy of the statement, and shall 679
require the person to sign this copy.
(C) In the event that any articles or property pledged are 681
lost or rendered inoperable due to negligence of the licensee, 682
the licensee shall replace the articles or property with 683
identical articles or property, except that if the licensee 684
cannot reasonably obtain identical articles or property, the 685
licensee shall replace the articles or property with like 686
articles or property. 687
(D) WHEN AN ACCOUNT IS PAID IN FULL, THE LICENSEE SHALL 689
RETURN THE PLEDGED ARTICLE IMMEDIATELY TO THE PLEDGOR. IN THE 690
EVENT THE PLEDGOR SELLS, TRANSFERS, OR ASSIGNS THE PLEDGE, THE 691
15
LICENSEE SHALL VERIFY THE NAME OF THE PERSON REDEEMING THE PLEDGE 692
AND RECORD THAT PERSON'S NAME, DRIVER'S LICENSE NUMBER, AND 693
SIGNATURE ON THE PERMANENT COPY OF THE STATEMENT OF PLEDGE 694
REQUIRED PURSUANT TO SECTION 4727.07 OF THE REVISED CODE. THE 695
LICENSEE ALSO SHALL OBTAIN THE SIGNATURE OF THE PLEDGOR, OR OTHER 696
PERSON REDEEMING THE PLEDGE, UPON A SEPARATE RECORD OF THE 698
TRANSACTION, THAT ACKNOWLEDGES THE TOTAL DOLLAR AMOUNT PAID FOR
REDEMPTION AND THE DATE OF REDEMPTION. ALL RECORDS SHALL BE KEPT 699
IN THE LICENSEE'S PLACE OF BUSINESS. 700
Sec. 4727.12. (A) A PERSON LICENSED AS A pawnbroker shall 709
retain any and all goods or articles pledged with him THE 711
LICENSEE until the expiration of seventy-two hours after the 713
pledge was IS made, and shall retain any goods or articles 715
purchased by him THE LICENSEE until the expiration of fifteen 717
days after the purchase was IS made. The licensee may dispose of 718
such goods or articles sooner with the written permission of the 719
local CHIEF OF police department OF THE MUNICIPAL CORPORATION OR 721
TOWNSHIP IN WHICH THE LICENSEE'S PLACE OF BUSINESS IS LOCATED OR, 722
IF THE PLACE OF BUSINESS IS NOT LOCATED WITHIN A MUNICIPAL 723
CORPORATION OR TOWNSHIP THAT HAS A CHIEF OF POLICE, WITH THE 725
WRITTEN PERMISSION OF THE SHERIFF OF THE COUNTY IN WHICH THE
BUSINESS IS LOCATED. 726
(B) If the chief OF POLICE or head of the police 728
department SHERIFF to whom the licensee made MAKES available the 730
information required by section 4727.09 of the Revised Code has 732
probable cause to believe that the article described therein is 733
stolen property, he THE CHIEF OR SHERIFF shall notify the 735
licensee in writing. Upon receipt of such a notice, the licensee 736
shall retain the article until the expiration of thirty days 737
after the day on which he THE LICENSEE is first required to make 738
available the information required by section 4727.09 of the
Revised Code, unless the chief or the head of the police 739
department SHERIFF notifies the licensee in writing that he THE 741
LICENSEE is not required to retain the article until such 742
16
expiration.
(C) If the chief or the head of the local police 744
department SHERIFF receives a report that property has been 745
stolen and determines the identity of the true owner of the 746
allegedly stolen property that has been purchased or pawned and 747
are IS held by a licensee, and informs the licensee of the true 748
owner's identity, the licensee may restore the allegedly stolen 749
property to the true owner directly. 750
If a licensee fails to restore the allegedly stolen 752
property, the true owner may recover the property from the 754
licensee in an action at law.
(D) If the licensee returns the allegedly stolen property 756
to the true owner, the licensee may charge the person who pledged 757
or sold the allegedly stolen property to him THE LICENSEE, and 758
any person who acted in consort with the pledgor or the seller to 760
defraud the licensee, the amount the licensee paid or loaned for 761
the allegedly stolen property, plus interest and storage charges 762
provided for in section 4727.06 of the Revised Code. 763
Sec. 4727.13. (A) The superintendent of financial 772
institutions shall adopt rules in accordance with Chapter 119. of 773
the Revised Code for the administration and enforcement of 774
sections 4727.01 to 4727.16 of the Revised Code THIS CHAPTER. 775
(B) The superintendent shall enforce sections 4727.01 to 777
4727.16 of the Revised Code THIS CHAPTER, make all reasonable 778
effort to discover alleged violators, notify the proper 780
prosecuting officer whenever the superintendent has reasonable 781
grounds to believe that a violation has occurred, act as 783
complainant in the prosecution thereof, and aid such officers to 784
the best of the superintendent's ability in such prosecutions. 785
The superintendent shall employ such deputies as may be necessary 786
to make the investigations and inspections, and otherwise perform 787
the duties imposed by such sections.
(C) THE SUPERINTENDENT MAY ISSUE A CEASE AND DESIST ORDER 789
AGAINST ANY PERSON THE SUPERINTENDENT REASONABLY SUSPECTS HAS 790
17
VIOLATED, IS CURRENTLY VIOLATING, OR IS ABOUT TO VIOLATE THIS 791
CHAPTER. THE SUPERINTENDENT MAY APPLY TO A COURT OF COMMON PLEAS 792
FOR AN ORDER COMPELLING A PERSON TO COMPLY WITH ANY CEASE AND 793
DESIST ORDER OR ANY SUBPOENA ISSUED BY THE SUPERINTENDENT.
(D) THE SUPERINTENDENT MAY OBTAIN FROM THE COURT OF COMMON 795
PLEAS ANY FORM OF INJUNCTIVE RELIEF AGAINST ANY PERSON THAT HAS 796
VIOLATED, IS CURRENTLY VIOLATING, OR IS ABOUT TO VIOLATE THIS 797
CHAPTER.
(E) TO ENFORCE THIS CHAPTER, THE SUPERINTENDENT MAY ISSUE 799
A SUBPOENA TO ANY PERSON TO COMPEL THE PRODUCTION OF ANY ITEM, 800
RECORD, OR WRITING, INCLUDING AN ELECTRONIC WRITING, AND MAY 801
ISSUE A SUBPOENA TO ANY PERSON TO COMPEL THE APPEARANCE AND 802
RENDERING OF TESTIMONY.
(F) THE SUPERINTENDENT MAY EXAMINE AND INVESTIGATE THE 804
BUSINESS, INCLUDING THE BUSINESS LOCATION AND ANY BOOKS, RECORDS, 805
WRITINGS, INCLUDING ELECTRONIC WRITINGS, SAFES, FILES, OR STORAGE 806
AREAS LOCATED IN OR UTILIZED BY THE BUSINESS LOCATION, OF ANY 807
PERSON THE SUPERINTENDENT REASONABLY SUSPECTS TO BE ADVERTISING, 808
TRANSACTING, OR SOLICITING BUSINESS AS A PAWNBROKER. THE
SUPERINTENDENT MAY REQUEST THE ATTENDANCE AND ASSISTANCE OF THE 809
APPROPRIATE CHIEF OF POLICE OF A MUNICIPAL CORPORATION OR 810
TOWNSHIP, THE COUNTY SHERIFF, OR THE STATE HIGHWAY PATROL DURING 811
THE EXAMINATION AND INVESTIGATION OF THE BUSINESS. 812
Sec. 4727.14. Sections 4727.01 to 4727.15 of the Revised 821
Code do THIS CHAPTER DOES not apply to persons who obtain 822
licenses under sections 1321.01 to 1321.19 or 1321.51 to 1321.60 824
of the Revised Code, or to national banks, state banks, or
FEDERALLY INSURED DEPOSITORY INSTITUTIONS SUCH AS A STATE OR 825
FEDERALLY CHARTERED BANK, savings and loan associations 827
ASSOCIATION, or credit unions UNION. 828
Sec. 4727.15. (A) No person, firm, partnership, 837
corporation, or association LICENSED AS A PAWNBROKER UNDER THIS 838
CHAPTER, and no agent, officer, or employee thereof, shall 839
violate sections 4727.01 to 4727.15 of the Revised Code THIS 840
18
CHAPTER. The division of financial institutions upon criminal 841
conviction shall revoke any license issued to such person, firm, 842
partnership, corporation, or association. The division also may 843
assess a penalty against or revoke or suspend the license of any 844
licensee in accordance with section 4727.03 of the Revised Code 845
upon a criminal conviction of the licensee for any criminal 846
offense.
(B) UPON THE CRIMINAL CONVICTION OF A LICENSEE OR ANY 848
EMPLOYEE, MANAGER, OFFICER, DIRECTOR, SHAREHOLDER, MEMBER, OR 849
PARTNER OF A LICENSEE FOR A VIOLATION OF THIS CHAPTER, THE 851
SUPERINTENDENT OF FINANCIAL INSTITUTIONS MAY SUSPEND THE LICENSE 852
OF THE LICENSEE WITHOUT A PRIOR HEARING TO PROTECT THE PUBLIC 853
INTEREST AND SUBSEQUENTLY MAY ACT TO REVOKE THE LICENSE OF THE 854
LICENSEE PURSUANT TO CHAPTER 119. OF THE REVISED CODE. 855
(C) UPON THE CRIMINAL CONVICTION OF A LICENSEE OR ANY 857
EMPLOYEE, MANAGER, OFFICER, DIRECTOR, SHAREHOLDER, MEMBER, OR 858
PARTNER OF A LICENSEE UNDER ANY SECTION IN TITLE XXIX OF THE 859
REVISED CODE OR UNDER FEDERAL LAW FOR THEFT, RECEIVING STOLEN 860
PROPERTY, OR MONEY LAUNDERING, THE SUPERINTENDENT MAY SUSPEND THE 861
LICENSE OF THE LICENSEE WITHOUT A PRIOR HEARING TO PROTECT THE
PUBLIC INTEREST AND SUBSEQUENTLY MAY ACT TO REVOKE THE LICENSE OF 863
THE LICENSEE PURSUANT TO CHAPTER 119. OF THE REVISED CODE. 865
(D) UPON THE CRIMINAL CONVICTION OF A LICENSEE UNDER ANY 867
SECTION OF TITLE XXIX OF THE REVISED CODE OR UNDER FEDERAL LAW 868
FOR A CRIME OTHER THAN THEFT, RECEIVING STOLEN PROPERTY, OR MONEY 869
LAUNDERING, THE SUPERINTENDENT MAY ASSESS A PENALTY AGAINST THE 870
LICENSEE OR ACT TO REVOKE OR SUSPEND THE LICENSE OF THE LICENSEE 871
PURSUANT TO CHAPTER 119. OF THE REVISED CODE.
Sec. 4727.16. (A) A PERSON LICENSED AS A PAWNBROKER UNDER 873
THIS CHAPTER SHALL STATE THE LICENSE NUMBER ISSUED BY THE 875
SUPERINTENDENT OF FINANCIAL INSTITUTIONS IN ALL ADVERTISEMENTS, 876
OFFERS, AND SOLICITATIONS.
(B) NO PERSON NOT LICENSED UNDER THIS CHAPTER MAY 878
ADVERTISE AS A PAWNBROKER. 879
19
Sec. 4727.17. (A) EVERY SALE, TRANSFER, OR HYPOTHECATION 881
OF ANY STOCK, SECURITY, MEMBERSHIP, PARTNERSHIP, OR OTHER 882
EQUITABLE, BENEFICIAL, OR OWNERSHIP INTEREST IN A PERSON LICENSED 883
AS A PAWNBROKER, IN AN AMOUNT REPRESENTING A TEN PER CENT OR 884
GREATER EQUITABLE, MEMBERSHIP, PARTNERSHIP, BENEFICIAL, OR OTHER 885
OWNERSHIP INTEREST IN THE LICENSEE, MUST BE APPROVED IN WRITING 886
BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS PRIOR TO THE
SALE, TRANSFER, OR HYPOTHECATION OF THE INTEREST IN THE LICENSEE. 887
(B) EVERY PERSON ACQUIRING OR RECEIVING AN INTEREST AS 889
DESCRIBED IN DIVISION (A) OF THIS SECTION IS SUBJECT TO THE 890
LICENSING REQUIREMENTS OF THIS CHAPTER AS IF THE PERSON WERE A 891
NEW AND SEPARATE LICENSE APPLICANT. 892
Sec. 4727.18. (A) EXCEPT AS OTHERWISE PROVIDED IN THIS 894
DIVISION, ANY INFORMATION ARISING FROM, OBTAINED BY, OR CONTAINED 896
IN AN INVESTIGATION OF A PERSON LICENSED AS A PAWNBROKER UNDER
THIS CHAPTER PERFORMED BY THE SUPERINTENDENT OF FINANCIAL 898
INSTITUTIONS IS CONFIDENTIAL INFORMATION AND IS NOT A PUBLIC 900
RECORD UNDER SECTION 149.43 OF THE REVISED CODE. THE
SUPERINTENDENT, HOWEVER, MAY SHARE INVESTIGATION INFORMATION WITH 901
A LAW ENFORCEMENT AGENCY.
(B) EXCEPT AS OTHERWISE PROVIDED IN THIS DIVISION, ANY 903
INFORMATION ARISING FROM, OBTAINED BY, OR CONTAINED IN AN 904
INVESTIGATION BY THE SUPERINTENDENT OF ANY PERSON THE 905
SUPERINTENDENT REASONABLY SUSPECTS HAS VIOLATED OR IS VIOLATING 906
THIS CHAPTER IS CONFIDENTIAL INFORMATION AND NOT A PUBLIC RECORD 907
UNDER SECTION 149.43 OF THE REVISED CODE. THE SUPERINTENDENT, 908
HOWEVER, MAY SHARE INVESTIGATION INFORMATION WITH A LAW
ENFORCEMENT AGENCY. 909
Sec. 4727.19. (A) EFFECTIVE WITH THE TWO-YEAR PERIOD THAT 911
BEGINS JUNE 30, 2000, AND EVERY TWO-YEAR PERIOD THEREAFTER, EACH 912
PERSON LICENSED AS A PAWNBROKER UNDER THIS CHAPTER SHALL COMPLETE 913
BY THE END OF THE PERIOD AT LEAST TWELVE HOURS OF CONTINUING 915
EDUCATION INSTRUCTION OFFERED IN A COURSE OR PROGRAM APPROVED BY 916
THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS AFTER CONSULTATION 917
20
WITH AN INDUSTRY REPRESENTATIVE SELECTED BY THE SUPERINTENDENT.
(B) ANY PERSON LICENSED UNDER THIS CHAPTER WHO HAS MORE 919
THAN THREE EMPLOYEES SHALL DESIGNATE AN INDIVIDUAL TO THE 920
SUPERINTENDENT AS A SALESPERSON. EFFECTIVE WITH THE TWO-YEAR 921
PERIOD THAT BEGINS JUNE 30, 2000, AND EVERY TWO-YEAR PERIOD 922
THEREAFTER, A SALESPERSON SHALL COMPLETE BY THE END OF THE PERIOD 923
AT LEAST EIGHT HOURS OF CONTINUING EDUCATION INSTRUCTION OFFERED 924
IN A COURSE OR PROGRAM APPROVED BY THE SUPERINTENDENT IN 925
CONSULTATION WITH A DESIGNATED INDUSTRY REPRESENTATIVE. 926
(C) EACH LOCATION OF THOSE PERSONS LICENSED UNDER THIS 928
CHAPTER WHO HAVE THREE OR MORE EMPLOYEES SHALL HAVE AT LEAST ONE 931
SALESPERSON WHO MEETS THE CONTINUING EDUCATION REQUIREMENTS OF 932
THIS SECTION.
(D) THE SUPERINTENDENT, IN ACCORDANCE WITH CHAPTER 119. OF 935
THE REVISED CODE, MAY SUSPEND, REVOKE, OR REFUSE TO RENEW THE
LICENSE OF ANY LICENSEE WHO FAILS TO COMPLY WITH THIS SECTION. 936
(E) THE SUPERINTENDENT, IN ACCORDANCE WITH CHAPTER 119. OF 939
THE REVISED CODE, MAY ADOPT RULES REGARDING CONTINUING EDUCATION
FEES, LOCATIONS, TIMES, FREQUENCY, AND WAIVERS OF REQUIREMENTS. 940
Sec. 4727.20. (A) NO PERSON LICENSED AS A PAWNBROKER 942
UNDER THIS CHAPTER SHALL CONDUCT BUSINESS IN THIS STATE, UNLESS 944
THE LICENSEE DOES EITHER OF THE FOLLOWING:
(1) MAINTAINS LIQUID ASSETS IN A MINIMUM AMOUNT OF FIFTY 946
THOUSAND DOLLARS; 947
(2) OBTAINS A SURETY BOND ISSUED BY A BONDING COMPANY OR 950
INSURANCE COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE. THE
BOND SHALL BE IN FAVOR OF THE SUPERINTENDENT OF FINANCIAL 951
INSTITUTIONS AND IN THE PENAL SUM OF AT LEAST TWENTY-FIVE 952
THOUSAND DOLLARS. THE LICENSEE SHALL FILE A COPY OF THE BOND 953
WITH THE SUPERINTENDENT. THE BOND SHALL BE FOR THE EXCLUSIVE 954
BENEFIT OF ANY PERSON INJURED BY A LICENSEE'S VIOLATION OF THIS 955
CHAPTER. THE AGGREGATE LIABILITY OF THE SURETY FOR ANY AND ALL 957
BREACHES OF THE CONDITIONS OF THE BOND SHALL NOT EXCEED THE PENAL 958
SUM OF THE BOND.
21
(B) THE LICENSEE SHALL GIVE NOTICE TO THE SUPERINTENDENT 960
BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OF ANY ACTION THAT 961
IS BROUGHT AGAINST THE LICENSEE AND OF ANY JUDGMENT THAT IS 964
ENTERED AGAINST THE LICENSEE BY A PERSON INJURED BY A VIOLATION 965
OF THIS CHAPTER. THE NOTICE SHALL PROVIDE DETAILS SUFFICIENT TO
IDENTIFY THE ACTION OR JUDGMENT AND SHALL BE FILED WITH THE 966
SUPERINTENDENT WITHIN TEN DAYS AFTER THE COMMENCEMENT OF THE 967
ACTION OR NOTICE TO THE LICENSEE OF ENTRY OF A JUDGMENT. THE 968
SURETY, WITHIN TEN DAYS AFTER IT PAYS ANY CLAIM OR JUDGMENT, 969
SHALL GIVE NOTICE TO THE SUPERINTENDENT BY CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, OF THE PAYMENT, WITH DETAILS SUFFICIENT TO 971
IDENTIFY THE PERSON AND THE CLAIM OR JUDGMENT PAID. 972
(C) WHENEVER THE PENAL SUM OF THE SURETY BOND IS REDUCED 974
BY ONE OR MORE RECOVERIES OR PAYMENTS, THE LICENSEE SHALL FURNISH 975
A NEW OR ADDITIONAL BOND UNDER THIS SECTION, SO THAT THE TOTAL OR 976
AGGREGATE PENAL SUM OF THE BOND OR BONDS EQUALS THE SUM REQUIRED 977
BY THIS SECTION, OR SHALL FURNISH AN ENDORSEMENT EXECUTED BY THE 978
SURETY REINSTATING THE BOND TO THE REQUIRED PENAL SUM OF THE 979
BOND.
(D) THE LIABILITY OF THE SURETY ON THE BOND TO THE 981
SUPERINTENDENT AND TO ANY PERSON INJURED BY A VIOLATION OF THIS 982
CHAPTER IS NOT AFFECTED IN ANY WAY BY ANY MISREPRESENTATION, 983
BREACH OF WARRANTY, OR FAILURE TO PAY THE PREMIUM, BY ANY ACT OR 984
OMISSION UPON THE PART OF THE LICENSEE, BY THE INSOLVENCY OR 985
BANKRUPTCY OF THE LICENSEE, OR BY THE INSOLVENCY OF THE
LICENSEE'S ESTATE. THE LIABILITY FOR ANY ACT OR OMISSION THAT 986
OCCURS DURING THE TERM OF THE SURETY BOND SHALL BE MAINTAINED AND 987
IN EFFECT FOR AT LEAST TWO YEARS AFTER THE DATE ON WHICH THE 988
SURETY BOND IS TERMINATED OR CANCELED.
(E) THE LICENSEE SHALL NOT CANCEL THE SURETY BOND EXCEPT 990
UPON NOTICE TO THE SUPERINTENDENT BY CERTIFIED MAIL, RETURN 991
RECEIPT REQUESTED. THE CANCELLATION IS NOT EFFECTIVE PRIOR TO 992
THIRTY DAYS AFTER THE SUPERINTENDENT RECEIVES THE NOTICE. 993
(F) NO LICENSEE SHALL FAIL TO COMPLY WITH THIS SECTION. 995
22
Sec. 4727.16 4727.21. The state, through the 1,004
superintendent of the division of financial institutions in the 1,005
department of commerce, in accordance with this chapter, shall be 1,006
IS the sole regulator of persons engaged in business as 1,008
pawnbrokers.
Sec. 4727.99. (A) Whoever violates sections 4727.03 to 1,017
4727.15 4727.21 of the Revised Code is guilty of a misdemeanor of 1,018
the third degree on a first offense and a misdemeanor of the 1,019
second degree on each subsequent offense. 1,020
(B) Whoever violates section 4727.02 of the Revised Code 1,022
is guilty of a felony of the fifth degree. 1,023
Section 2. That existing sections 4727.01, 4727.02, 1,025
4727.03, 4727.04, 4727.05, 4727.06, 4727.08, 4727.09, 4727.10, 1,026
4727.11, 4727.12, 4727.13, 4727.14, 4727.15, 4727.16, and 4727.99 1,027
of the Revised Code are hereby repealed.
Section 3. Section 4727.01 of the Revised Code is 1,029
presented in this act as a composite of the section as amended by 1,030
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 1,033
capital letters. Section 4727.06 of the Revised Code is 1,034
presented in this act as a composite of the section as amended by 1,035
both Sub. H.B. 376 and Sub. S.B. 259 of the 120th General 1,036
Assembly, with the new language of neither of the acts shown in 1,038
capital letters. Section 4727.08 of the Revised Code is 1,039
presented in this act as a composite of the section as amended by 1,040
both Am. Sub. H.B. 353 and Am. Sub. S.B. 293 of the 121st General 1,041
Assembly, with the new language of neither of the acts shown in 1,043
capital letters. This is in recognition of the principle stated 1,044
in division (B) of section 1.52 of the Revised Code that such 1,045
amendments are to be harmonized where not substantively 1,046
irreconcilable and constitutes a legislative finding that such is 1,047
the resulting version in effect prior to the effective date of 1,048
this act.