As Passed by the Senate 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- 10
SENATORS BLESSING-GARDNER-SPADA-MUMPER-WATTS
_________________________________________________________________ 12
A B I L L
To amend sections 4727.01 to 4727.06, 4727.08 to 14
4727.16, and 4727.99; to amend, for the purpose 15
of adopting a new section number as indicated in
parentheses, section 4727.16 (4727.21); and to 16
enact new section 4727.16 and sections 4727.17 to 17
4727.20 of the Revised Code to revise the
Pawnbroker Licensing Law. 18
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 20
Section 1. That sections 4727.01, 4727.02, 4727.03, 22
4727.04, 4727.05, 4727.06, 4727.08, 4727.09, 4727.10, 4727.11, 23
4727.12, 4727.13, 4727.14, 4727.15, 4727.16, and 4727.99 be 24
amended, section 4727.16 (4727.21) be amended for the purpose of 25
adopting a new section number as indicated in parentheses, and
new section 4727.16 and sections 4727.17, 4727.18, 4727.19, and 26
4727.20 of the Revised Code be enacted to read as follows: 27
Sec. 4727.01. As used in sections 4727.01 to 4727.16 of 39
the Revised Code THIS CHAPTER: 40
(A) "Pawnbroker" means a person engaged in the business of 43
lending money on deposit or pledges of personal property, other
than securities, printed evidence of indebtedness, titles, deeds, 45
or bills of sale, at a total charge, rate of interest, or 46
discount or other remuneration in excess of eight per cent per 47
annum, and includes a person engaged in the business of 49
purchasing personal property from another person with an 50
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agreement that the person the personal property will be made 51
available to that other person for repurchase within an agreed-to 53
time period two persons and for an amount greater than the price 55
the person originally paid to that OTHER person for the purchase 56
of the personal property. 57
(B) "Superintendent of financial institutions" includes 59
the deputy superintendent for consumer finance as provided in 60
section 1181.21 of the Revised Code. 61
Sec. 4727.02. No person shall act as a pawnbroker, or 70
advertise, transact, or solicit business as a pawnbroker, without 71
first having obtained a license from the division SUPERINTENDENT 72
of financial institutions in the department of commerce. 73
Sec. 4727.03. (A) As used in this section, "experience 82
and fitness in the capacity involved" means that the applicant 83
for a pawnbroker's license demonstrates sufficient financial 84
responsibility, reputation, and experience in the pawnbroker 85
business, or in a related business, to act as a pawnbroker in 86
compliance with sections 4727.01 to 4727.16 of the Revised Code 87
THIS CHAPTER. "Experience and fitness in the capacity involved" 89
shall be determined by: 90
(1) Prior or current ownership or management of, or 92
employment in, a pawnshop; 93
(2) Demonstration to the satisfaction of the 95
superintendent of financial institutions of a thorough working 97
knowledge of all pawnbroker laws and rules as they relate to the 98
actual operation of a pawnshop;.
A DEMONSTRATION SHALL INCLUDE A DEMONSTRATION OF AN ABILITY 100
TO PROPERLY COMPLETE FORMS, KNOWLEDGE OF HOW TO PROPERLY 101
CALCULATE INTEREST AND STORAGE CHARGES, AND KNOWLEDGE OF LEGAL 102
NOTICE AND FORFEITURE PROCEDURES. THE FINAL DETERMINATION OF 103
WHETHER AN APPLICANT'S DEMONSTRATION IS ADEQUATE RESTS WITH THE 104
SUPERINTENDENT OF FINANCIAL INSTITUTIONS.
(3) A submission by the applicant and any stockholders, 106
OWNERS, MANAGERS, directors, or officers of the pawnshop, and 107
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employees of the applicant to a police record check; and 109
(4) Liquid assets in a minimum amount of twenty-five ONE 111
HUNDRED thousand dollars at the time of applying for initial 113
licensure and demonstration of the ability to maintain the liquid 114
assets at a minimum amount of ten FIFTY thousand dollars for the 115
duration of holding a valid pawnbroker's license. 117
(B) The division of financial institutions SUPERINTENDENT 119
may grant a license to act as a pawnbroker to any person of good 120
character and having experience and fitness in the capacity 122
involved to engage in the business of pawnbroking upon the 123
payment to the division SUPERINTENDENT of a license fee 124
determined by the superintendent pursuant to section 1321.20 of 125
the Revised Code. A LICENSE IS NOT TRANSFERABLE OR ASSIGNABLE. 126
(C) THE SUPERINTENDENT MAY CONSIDER AN APPLICATION 129
WITHDRAWN AND MAY RETAIN THE INVESTIGATION FEE IF BOTH OF THE 130
FOLLOWING ARE TRUE:
(1) AN APPLICATION FOR A LICENSE DOES NOT CONTAIN ALL OF 132
THE INFORMATION REQUIRED UNDER DIVISION (B) OF THIS SECTION. 133
(2) THE INFORMATION IS NOT SUBMITTED TO THE SUPERINTENDENT 135
WITHIN NINETY DAYS AFTER THE SUPERINTENDENT REQUESTS THE 136
INFORMATION FROM THE APPLICANT IN WRITING. 137
(D) The division SUPERINTENDENT shall require an applicant 140
for a pawnbroker's license to pay to it THE SUPERINTENDENT a 141
nonrefundable initial investigation fee of two hundred dollars, 143
which is for the exclusive use of the state. The license shall be 144
issued by the division SUPERINTENDENT and shall expire on the 146
thirtieth day of June next following the date of its issuance. 147
Fifty per cent of the annual license fee shall be for the use of 148
the state, and fifty per cent shall be paid by the state to the 149
municipal corporation, or if outside the limits of any municipal 150
corporation, to the county, in which the office of the licensee 151
is located. All such fees payable to municipal corporations or 152
counties shall be paid annually.
(E) Every such PAWNBROKER'S license shall be renewed 154
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annually by the thirtieth day of June according to the standard 156
renewal procedure of Chapter 4745. of the Revised Code. The fee 157
for renewal of a license shall be equivalent to the fee for an 158
initial license established by the superintendent pursuant to 159
section 1321.20 of the Revised Code. Any licensee who wishes to 160
renew the licensee's PAWNBROKER'S license but who fails to do so 161
on or before the thirtieth day of June shall reapply for 164
licensure in the same manner and pursuant to the same 165
requirements as for initial licensure, unless the licensee pays 166
to the division SUPERINTENDENT on or before the thirty-first day 169
of August of the year the license expires, a late renewal penalty 170
of one hundred dollars in addition to the regular renewal fee. 171
Any person LICENSEE who fails to renew the person's license on or 172
before the thirtieth day of June is prohibited from acting as a 174
pawnbroker until the person's license is renewed or a new license 175
is issued under this section. Any person LICENSEE who renews a 176
license between the first day of July and the thirty-first day of 178
August is not relieved from complying with this division. The 179
division SUPERINTENDENT may refuse to issue to or renew the 181
license of any person LICENSEE who violates this division. 182
(F) No license shall be granted to any person not a 184
resident of or the principal office of which is not located in 185
the municipal corporation or county designated in such license 186
unless such THAT applicant, in writing and in due form approved 188
by and filed with the division SUPERINTENDENT, first appoints an 189
agent, a resident of the state, and city or county where the 191
office is to be located, upon whom all judicial and other 192
process, or legal notice, directed to the applicant may be 193
served. In case of the death, removal from the state, or any 194
legal disability or any disqualification of any such agent, 195
service of such process or notice may be made upon the 196
superintendent.
The division SUPERINTENDENT may, upon notice to the 198
licensee and reasonable opportunity to be heard, suspend or 199
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revoke any license or assess a penalty against the licensee if 200
the licensee, or the licensee's officers, agents, or employees, 201
has violated sections 4727.01 to 4727.16 of the Revised Code THIS 202
CHAPTER. Any penalty shall be appropriate to the violation but 204
in no case shall the penalty be less than two hundred nor more 205
than two thousand dollars. Whenever, for any cause, a license is 206
suspended or revoked, the division SUPERINTENDENT shall not issue 207
another license to the licensee nor to the legal spouse of the 209
licensee, nor to any copartnership or corporation BUSINESS ENTITY 210
of which the licensee is an officer OR MEMBER OR PARTNER, nor to 211
any person employed by the licensee, until the expiration of at 212
least one year TWO YEARS from the date of revocation or 215
suspension of the license. The division SUPERINTENDENT shall 216
deposit all penalties allocated pursuant to this section into the 218
state treasury to the credit of the consumer finance fund. 219
Any proceedings for the revocation or suspension of a 221
license or to assess a penalty against a licensee are subject to 222
Chapter 119. of the Revised Code. 223
(C)(G) If a licensee surrenders or chooses not to renew 225
the licensee's PAWNBROKER'S license, the licensee shall notify 226
the superintendent thirty days prior to the date on which the 227
licensee intends to close the licensee's business as a 228
pawnbroker. Prior to the date, the licensee shall do either of 229
the following with respect to all active loans: 230
(1) Dispose of an active loan by selling the loan to 232
another person holding a valid pawnbroker's license issued under 233
this section; 234
(2) Reduce the rate of interest on pledged articles held 236
as security for a loan to eight per cent per annum or less 237
effective on the date that the pawnbroker's license is no longer 238
valid. 239
(D) The director of commerce may compel, by subpoena, 241
witnesses to appear and testify in relation to investigations 242
under this chapter and may require, by subpoena duces tecum, the 243
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production of any book, paper, or document pertaining to an 244
investigation under this chapter. If a person fails to comply 245
with a subpoena or subpoena duces tecum issued under this 246
division, the director may apply to the court of common pleas in 247
the county where the investigation is being conducted for an 248
order compelling the person to comply with the subpoena or 249
subpoena duces tecum or, for failure to do so, to be held in 250
contempt of court. 251
(E) A pawnbroker licensed under this section shall 253
maintain liquid assets of at least ten thousand dollars for the 254
duration that the licensee holds a valid pawnbroker's license 255
issued pursuant to this section. 256
Sec. 4727.04. (A) Application AN APPLICATION for a 265
pawnbroker's license shall state fully the name and address of 267
the person, or corporation, APPLICANT and of every member of the 268
firm, partnership, or association, authorized to do business 270
thereunder, PARTNER, STOCKHOLDER, OR OWNER OF AN APPLICANT, and 271
the location of the office or place of business in which the 272
business is conducted; and in the case of a corporation, shall 273
also state the date and place of its incorporation, the name and 274
address of its manager, the names and addresses of its directors, 275
the name and address of the agent as provided in section 4727.03 276
of the Revised Code, and any other information required by the 277
division SUPERINTENDENT of financial institutions in the 279
department of commerce. 280
The license shall be kept posted in a conspicuous place in 282
the office where the business is transacted. No person so 283
licensed shall transact or solicit business under any other name 284
or at any location other than at the address stated in the 285
person's license. No licensee may move the licensee's business 287
location without prior notification to the superintendent of 288
financial institutions of at least thirty days. If the licensee 289
moves out of the municipal corporation or county in which the 291
licensee was originally licensed, the licensee shall pay an 292
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additional annual license fee to be distributed in accordance 293
with section 4727.03 of the Revised Code. 294
(B) A person licensed as a pawnbroker shall post a 296
conspicuous notice in its place of business, visible to all 297
patrons, in a form and at places designated by rule of the 298
division, that the licensee has no right to retain goods stolen 300
from the true owner, and that the owner may recover the goods or 301
their value from the pawnbroker in an action at law, or, in the 302
event the police take custody of the goods, by police release 303
pursuant to section 2933.41 of the Revised Code.
(C) The superintendent may issue to a pawnbroker licensed 306
under this chapter a temporary exhibition permit pursuant to 307
division (C)(1) of section 4728.04 of the Revised Code. 308
(1) A LICENSEE WHO WISHES TO BE ISSUED A TEMPORARY PERMIT 310
PURSUANT TO DIVISION (C)(1) OF SECTION 4728.04 OF THE REVISED 311
CODE SHALL MAKE REQUEST FOR SUCH ISSUANCE BY LETTER ADDRESSED TO 312
THE SUPERINTENDENT. THE LETTER OF REQUEST SHALL CONTAIN THE 313
LICENSEE'S NAME, PERMANENT BUSINESS ADDRESS, AND LICENSE NUMBER. 314
(2) UPON RECEIPT OF A TEMPORARY EXHIBITION PERMIT, THE 316
PERMIT HOLDER SHALL CONSPICUOUSLY DISPLAY THE PERMIT AT THE PLACE 317
WHERE THE PERMIT HOLDER TRANSACTS BUSINESS AT ANY AUCTION, 319
CONVENTION, EXHIBITION, FAIR, OR SHOW.
(3) EVERY PERMIT HOLDER WHO WISHES TO PARTICIPATE IN AN 321
AUCTION, CONVENTION, EXHIBITION, FAIR, OR SHOW, AT LEAST TWO 322
WEEKS PRIOR TO ITS OPENING, SHALL NOTIFY THE SUPERINTENDENT AND 323
THE CHIEF OF POLICE OF THE MUNICIPAL CORPORATION IN WHICH THE 324
EVENT IS TO TAKE PLACE, OR IF THE EVENT IS TO TAKE PLACE OUTSIDE 326
OF ANY MUNICIPAL CORPORATION, THEN THE SHERIFF OF THE COUNTY IN
WHICH THE EVENT IS TO TAKE PLACE. SUCH NOTIFICATION SHALL BE BY 328
LETTER AND SHALL INCLUDE THE PERMIT HOLDER'S NAME, PERMANENT 329
BUSINESS ADDRESS, AND PERMIT NUMBER, AND THE PLACE WHERE THE 330
EVENT IS SCHEDULED TO BE HELD.
(C) EVERY LICENSEE SHALL POST AT THE MAIN DOOR OF THE 332
LICENSEE'S PLACE OF BUSINESS THE HOURS OR TIMES WHEN THE 333
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ESTABLISHMENT IS OPEN FOR BUSINESS. NO LICENSEE SHALL COLLECT 334
INTEREST AND STORAGE ON ANY LOAN FOR ANY REGULAR BUSINESS DAY 335
THAT THE ESTABLISHMENT IS NOT OPEN FOR BUSINESS AS POSTED, UNLESS 336
PRIOR NOTICE OF A CLOSING IS POSTED ON THE DOOR OR THE CLOSING IS 337
OCCASIONED BY AN ACT OF GOD, UNFORESEEN EMERGENCY, OR OTHER EVENT
BEYOND THE CONTROL OF THE LICENSEE. A LICENSEE SHALL NOTIFY THE 338
SUPERINTENDENT OF ANY CHANGE IN THE POSTED HOURS OF OPERATION. 339
(D) NO LICENSEE SHALL FAIL TO OBSERVE THE POSTED HOURS OF 341
OPERATION PURSUANT TO DIVISION (C) OF THIS SECTION EXCEPT AS 342
AUTHORIZED BY THAT DIVISION. 343
Sec. 4727.05. The superintendent of financial institutions 352
shall, either personally, or by such person as the superintendent 354
may appoint for the purpose, at least once a year EVERY EIGHTEEN 355
MONTHS, and more often if deemed advisable, investigate the 356
business of every person licensed as a pawnbroker, and of every 357
person, copartnership, and corporation by whom or for which any 358
such loan or purchase shall be made, whether such person, 359
copartnership, or corporation shall act, or claim to act, as 360
principal, agent, or broker, or under or without the authority of 361
sections 4727.01 to 4727.16 of the Revised Code THIS CHAPTER, and 362
for that purpose shall have free access to all the pledged or 364
purchased articles, books, and all papers relating to the 365
licensee's business. The superintendent and every examiner may 366
examine, under oath or affirmation, any person whose testimony 367
may relate to any business coming within sections 4727.01 to 368
4727.16 of the Revised Code THIS CHAPTER.
Sec. 4727.06. (A) No pawnbroker shall charge, receive, or 377
demand interest for any loan in excess of five per cent per month 378
or fraction of a month on the unpaid principal. INTEREST SHALL 379
BE COMPUTED ON A MONTHLY BASIS ON THE AMOUNT OF THE PRINCIPAL 380
REMAINING UNPAID ON THE FIRST DAY OF THE MONTH AND SHALL NOT BE 381
COMPOUNDED.
(B) In addition to such THE rate of interest, the 384
LIMITATION IMPOSED PURSUANT TO DIVISION (A) OF THIS SECTION, THE 385
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licensee may make a total charge for the storage of pledged 387
articles held as security for a loan, a sum not exceeding two NO 388
MORE THAN:
(1) THREE dollars per month or fraction of a month for all 391
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 392
where the licensee is to deliver or forward the pledged article 393
by express or parcel post, the licensee may make an additional 394
charge of three 395
(2) FOUR dollars plus the actual cost of shipping. The, 398
WHEN THE licensee may make an additional charge of one dollar IS 399
TO DELIVER OR FORWARD THE PLEDGED ARTICLE BY EXPRESS OR PARCEL 400
POST TO THE PLEDGOR; 402
(3) TWO DOLLARS for the loss of the original statement 405
issued to the pledgor by the licensee pursuant to section 4727.07 406
of the Revised Code upon redemption of the pledged articles. The 407
licensee also may make a charge of one dollar; 408
(4) TWO DOLLARS for the cost of notifying a pledgor by 410
mail that the pledged articles may be forfeited to the licensee 412
pursuant to section 4727.11 of the Revised Code. The interest 413
and charges shall not be deducted or paid in advance of the dates 414
that the interest and charges are due, except upon redemption of 415
the pledged articles. 416
(B) Subject to the maximum amount upon which interest may 418
be computed pursuant to division (A) of this section, monthly 419
interest charges shall be computed monthly on the amount of the 420
principal remaining unpaid on the first day of that month and 421
shall not be compounded. 422
(C) A licensee who complies with the requirements or 424
procedures of this state pursuant to the application of the 425
"Brady Handgun Violence Protection Act," Pub. L. No. 103-159, 107 426
Stat. 1536 (1993), 18 U.S.C.A. 922, AS AMENDED, may charge any 428
fee the licensee is required by law to pay in order to comply 429
with such requirements or procedures. The licensee also may 430
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charge a fee of NO MORE THAN two dollars for providing services 431
in compliance with such requirements or procedures. 432
(D) A PLEDGOR MAY PAY A PORTION OF THE OUTSTANDING 434
PRINCIPAL LOAN BALANCE AT ANY TIME. A PLEDGOR MAY REDEEM A PAWN 435
LOAN AT ANY TIME AFTER SEVENTY-TWO HOURS HAVE PASSED SINCE THE 436
PLEDGE WAS MADE. A PLEDGOR MAY NOT PREPAY INTEREST OR STORAGE 438
CHARGES, EXCEPT WHEN THE PLEDGOR REDEEMS THE PLEDGED PROPERTY. 439
Sec. 4727.08. (A) Every person licensed as a pawnbroker 450
shall keep and use separate pawn forms and purchase forms to be 451
approved by the superintendent of the division of financial 453
institutions in the department of commerce. The forms
(B) THE LICENSEE shall disclose, at the time RECORD ON THE 456
APPROPRIATE FORM FOR each purchase PAWN or loan is made, an 457
accurate description of the goods, articles, or things deposited, 458
the PURCHASE ALL OF THE FOLLOWING INFORMATION: 459
(1) THE DATE AND time of THE pledging or selling them, the 462
PURCHASING;
(2) THE amount of money loaned on them or paid for them, 466
the LOAN OR THE PURCHASE PRICE;
(3) THE rate of interest and THE charges to be paid on 470
such THE loan, the; 471
(4) THE time within which such pawn THE PLEDGOR is to be 474
redeemed, with REDEEM the PLEDGED PROPERTY; 475
(5) THE name, age, place of residence, AND ADDRESS OF THE 478
PLEDGOR OR SELLER;
(6) A driver's or commercial driver's license number, 481
social security MILITARY IDENTIFICATION number, or other personal 483
identification, and a short NUMBER; 484
(7) A physical description of the person of the pledgor or 487
seller. When any item is pledged or sold, the licensee also 489
shall write on such form;
(8) AN ACCURATE DESCRIPTION OF THE PLEDGED OR PURCHASED 492
PROPERTY, INCLUDING the name of the maker MANUFACTURER, the ANY 493
serial and model numbers, or other ANY identifying features;, and 495
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where jewelry or gold or silver articles of any kind are pledged 497
or sold, the licensee shall write on the form all identifying 498
letters or marks inscribed thereon; 499
(9) ANY OTHER DISCLOSURES REQUIRED BY FEDERAL LAW. One 502
(C) A copy of the forms EACH FORM USED IN A PAWN OR 504
PURCHASE shall be kept at all times in numerical order in an 506
active or inactive file, as appropriate, or bound books available 507
AND THE LICENSEE SHALL ACCOUNT for inspection by the division; 508
all FORM numbers shall be accountable. Such 509
(D) THE records and forms, at all times, shall be kept at 512
the licensed location and open to the AVAILABLE FOR inspection of 513
BY the superintendent or AND BY the chief of police of the 516
municipal corporation, a police officer deputed or authorized by 517
the chief of police, or the mayor of the OR TOWNSHIP IN WHICH THE 518
LICENSEE'S PLACE OF BUSINESS IS LOCATED OR, IF THE PLACE OF 520
BUSINESS IS NOT LOCATED WITHIN A municipal corporation OR A 521
TOWNSHIP THAT HAS A CHIEF OF POLICE, BY THE SHERIFF OF THE COUNTY 522
IN WHICH THE PLACE OF BUSINESS IS LOCATED. Upon demand of any of 523
them, such person so licensed THE LICENSEE shall produce and show 525
ANY records, forms, and pledges, or purchases which are in the 526
person's LICENSEE'S possession. 527
(E) Except in the case of a pledged motor vehicle, 529
watercraft, or outboard motor, the licensee shall keep all 531
pledges and purchases at the licensee's place of business unless 532
a pledgor, IN WRITING, agrees otherwise at the time the pledge is 534
made. If the item pledged for the pawn loan is a motor vehicle, 535
watercraft, or outboard motor, the pawnbroker LICENSEE shall take 536
possession of both the motor vehicle, watercraft, or outboard 537
motor and the certificate of title to the motor vehicle, 538
watercraft, or outboard motor, and shall keep the certificate at 540
the pawnbroker's LICENSEE'S place of business but, upon 541
notification to the pledgor, may keep the motor vehicle, 543
watercraft, or outboard motor at a location other than the
pawnbroker's LICENSEE'S place of business. No pledge shall be 545
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removed from the place of business for the licensee's personal 546
use or gain.
(F) EVERY PERSON LICENSED AS A PAWNBROKER UNDER THIS 548
CHAPTER SHALL KEEP AND USE AN INTELLIGIBLE SET OF BOOKS AND 550
RECORDS IN THE ENGLISH LANGUAGE IN COMPLYING WITH THIS CHAPTER 551
WITH RESPECT TO RECORDING THE DETAILS OF EACH PURCHASE OR LOAN. 552
EXCEPT AS PROVIDED IN DIVISION (J) OF THIS SECTION, ALL 554
INFORMATION REQUIRED TO BE RECORDED BY THIS CHAPTER SHALL BE 555
ENTERED IN A BOUND BOOK OR ON LOOSE-LEAF, PERMANENT FORMS USED
EXCLUSIVELY FOR THAT PURPOSE. FORMS SHALL BE IDENTICAL AND 556
CONSECUTIVELY NUMBERED, AND EACH SHALL CONTAIN TWO OR MORE PAGES. 557
ONE PART OF EACH FORM SHALL BE DETACHABLE AND, WHEN COMPLETED, 558
SHALL SERVE AS THE STATEMENT TO BE GIVEN BY THE LICENSEE TO THE 559
PLEDGOR OR SELLER AS PROVIDED BY SECTION 4727.07 OF THE REVISED 560
CODE. THE REMAINING PART OF THE FORM SHALL BE RETAINED IN THE
LICENSEE'S PERMANENT RECORDS. ALL FORMS SHALL BE ACCOUNTED FOR. 561
(G) NO LICENSEE SHALL REQUIRE A BORROWER TO AFFIX THE 564
BORROWER'S SIGNATURE TO A BLANK OR PARTIALLY FILLED OUT PAWN FORM 565
OR OTHER RECORD.
(H) EVERY LICENSEE SHALL PRESERVE THE LICENSEE'S BOOKS, 567
FORMS, ACCOUNTS, AND RECORDS FOR AT LEAST TWO YEARS AFTER MAKING 568
THE FINAL ENTRY REGARDING ANY PURCHASE OR PLEDGE OF PROPERTY 569
RECORDED THEREIN.
(I) ALL PAWN AND PURCHASE FORMS, LEGAL NOTICES, AND 571
PAYMENT RECEIPT FORMS SHALL REFLECT THE NAME UNDER WHICH THE 572
LICENSEE IS REGISTERED WITH THE SUPERINTENDENT AND THE COMPLETE 573
ADDRESS OF THE PLACE OF BUSINESS.
(J) NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, A 575
LICENSEE MAY USE OTHER METHODS OF RECORDING DATA, KEEPING 576
RECORDS, AND KEEPING BOOKS, SUCH AS ELECTRONIC OR COMPUTERIZED 577
METHODS, IN LIEU OF THE METHODS DESCRIBED IN THIS SECTION, 579
PROVIDED WRITTEN PRINTOUTS OR HARD COPIES OF THE REQUIRED DATA 580
ARE READILY AVAILABLE IN A FORM APPROVED, IN ADVANCE, BY THE 581
SUPERINTENDENT.
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Sec. 4727.09. Each (A) A PERSON LICENSED AS A pawnbroker 591
shall, every business day, make available FURNISH THE FOLLOWING 592
INFORMATION to the chief of police or the head of the police 593
department, on forms to be furnished by the police department, a 594
OF THE MUNICIPAL CORPORATION OR TOWNSHIP IN WHICH THE LICENSEE'S 595
PLACE OF BUSINESS IS LOCATED OR, IF THE PLACE OF BUSINESS IS NOT 597
LOCATED WITHIN A MUNICIPAL CORPORATION OR A TOWNSHIP THAT HAS A 598
CHIEF OF POLICE, TO THE SHERIFF OF THE COUNTY IN WHICH THE PLACE 599
OF BUSINESS IS LOCATED: 601
(1) A description of all articles received PROPERTY 603
PLEDGED WITH OR PURCHASED by him by pledge or sale on the 605
business day immediately preceding, together with the number of 606
the ticket issued THE LICENSEE;
(2) THE NUMBER OF THE PAWN OR PURCHASE FORM THE LICENSEE 608
USED TO DOCUMENT THE PLEDGE OR PURCHASE. 609
(B) A LICENSEE SHALL PROVIDE THE PROPERTY DESCRIPTION AND 611
FORM NUMBER REQUIRED BY DIVISION (A) OF THIS SECTION ON THE FORM 612
FURNISHED BY THE LAW ENFORCEMENT OFFICER REQUESTING THE 613
INFORMATION. THE COMPLETED FORM MAY BE COMMUNICATED BY 614
ELECTRONIC TRANSFER OR BE IN A MAGNETIC MEDIA FORMAT. 615
(C) FOR THE PURPOSES OF THIS SECTION, A LICENSEE NEED 617
PROVIDE ONLY THE INFORMATION REQUIRED BY DIVISION (A) OF THIS 618
SECTION.
Sec. 4727.10. No PERSON LICENSED AS A pawnbroker shall 627
receive any pledge or purchase any articles from any minor, or 629
from any person who is at the time intoxicated or under the 630
influence of a controlled substance, or from any person who is 631
known or believed by the licensee to be a thief, or a receiver of 632
stolen property, OR FROM ANY PERSON IDENTIFIED IN WRITING TO THE 633
LICENSEE BY THE CHIEF OF POLICE OF A MUNICIPAL CORPORATION OR 634
TOWNSHIP, THE SHERIFF, OR THE STATE HIGHWAY PATROL AS A KNOWN OR 637
SUSPECTED THIEF OR RECEIVER OF STOLEN PROPERTY. 638
Sec. 4727.11. (A) If any person receiving a loan from a 647
pawnbroker on a pledge of personal property A PLEDGOR fails to 648
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redeem or pay interest on any articles pledged within TO A PERSON 650
LICENSED AS A PAWNBROKER ON A PAWN LOAN FOR two months from the 651
date of the loan or the date on which the last interest payment 652
is due, the licensee shall notify the pledgor by mail, with proof 653
of mailing, to the last place of address given by the pledgor, 654
that unless the pledge or PLEDGOR REDEEMS THE PLEDGED property is 656
redeemed OR PAYS ALL INTEREST DUE AND STORAGE CHARGES within one 657
month THIRTY DAYS from the date the notice is mailed, it THE 658
PLEDGED PROPERTY shall be forfeited to the licensee. If the 660
pledgor fails to redeem the property OR PAY ALL INTEREST DUE AND 661
STORAGE CHARGES within the period specified in the notice, the 662
licensee shall proceed to take ownership BECOMES THE OWNER of the 664
pledge or PLEDGED property.
(B) In the event that any article or property is redeemed 666
by a person other than the pledgor, the pledgor shall sign his 667
THE PLEDGOR'S copy of the statement required under section 669
4727.07 of the Revised Code, which copy shall be presented by the 670
person to the licensee. The licensee shall verify the name of 671
the person redeeming the article or property, and shall record 672
the person's name, AND driver's or commercial driver's license 673
number, or social security number OTHER PERSONAL IDENTIFICATION 676
NUMBER, on the licensee's copy of the statement, and shall 678
require the person to sign this copy.
(C) In the event that any articles or property pledged are 680
lost or rendered inoperable due to negligence of the licensee, 681
the licensee shall replace the articles or property with 682
identical articles or property, except that if the licensee 683
cannot reasonably obtain identical articles or property, the 684
licensee shall replace the articles or property with like 685
articles or property. 686
(D) WHEN AN ACCOUNT IS PAID IN FULL, THE LICENSEE SHALL 688
RETURN THE PLEDGED ARTICLE IMMEDIATELY TO THE PLEDGOR. IN THE 689
EVENT THE PLEDGOR SELLS, TRANSFERS, OR ASSIGNS THE PLEDGE, THE 690
LICENSEE SHALL VERIFY THE NAME OF THE PERSON REDEEMING THE PLEDGE 691
15
AND RECORD THAT PERSON'S NAME, DRIVER'S LICENSE NUMBER, AND 692
SIGNATURE ON THE PERMANENT COPY OF THE STATEMENT OF PLEDGE 693
REQUIRED PURSUANT TO SECTION 4727.07 OF THE REVISED CODE. THE 694
LICENSEE ALSO SHALL OBTAIN THE SIGNATURE OF THE PLEDGOR, OR OTHER 695
PERSON REDEEMING THE PLEDGE, UPON A SEPARATE RECORD OF THE 697
TRANSACTION, THAT ACKNOWLEDGES THE TOTAL DOLLAR AMOUNT PAID FOR
REDEMPTION AND THE DATE OF REDEMPTION. ALL RECORDS SHALL BE KEPT 698
IN THE LICENSEE'S PLACE OF BUSINESS. 699
Sec. 4727.12. (A) A PERSON LICENSED AS A pawnbroker shall 708
retain any and all goods or articles pledged with him THE 710
LICENSEE until the expiration of seventy-two hours after the 712
pledge was IS made, and shall retain any goods or articles 714
purchased by him THE LICENSEE until the expiration of fifteen 716
days after the purchase was IS made. The licensee may dispose of 717
such goods or articles sooner with the written permission of the 718
local CHIEF OF police department OF THE MUNICIPAL CORPORATION OR 720
TOWNSHIP IN WHICH THE LICENSEE'S PLACE OF BUSINESS IS LOCATED OR, 721
IF THE PLACE OF BUSINESS IS NOT LOCATED WITHIN A MUNICIPAL 722
CORPORATION OR TOWNSHIP THAT HAS A CHIEF OF POLICE, WITH THE 724
WRITTEN PERMISSION OF THE SHERIFF OF THE COUNTY IN WHICH THE
BUSINESS IS LOCATED. 725
(B) If the chief OF POLICE or head of the police 727
department SHERIFF to whom the licensee made MAKES available the 729
information required by section 4727.09 of the Revised Code has 731
probable cause to believe that the article described therein is 732
stolen property, he THE CHIEF OR SHERIFF shall notify the 734
licensee in writing. Upon receipt of such a notice, the licensee 735
shall retain the article until the expiration of thirty days 736
after the day on which he THE LICENSEE is first required to make 737
available the information required by section 4727.09 of the
Revised Code, unless the chief or the head of the police 738
department SHERIFF notifies the licensee in writing that he THE 740
LICENSEE is not required to retain the article until such 741
expiration.
16
(C) If the chief or the head of the local police 743
department SHERIFF receives a report that property has been 744
stolen and determines the identity of the true owner of the 745
allegedly stolen property that has been purchased or pawned and 746
are IS held by a licensee, and informs the licensee of the true 747
owner's identity, the licensee may restore the allegedly stolen 748
property to the true owner directly. 749
If a licensee fails to restore the allegedly stolen 751
property, the true owner may recover the property from the 753
licensee in an action at law.
(D) If the licensee returns the allegedly stolen property 755
to the true owner, the licensee may charge the person who pledged 756
or sold the allegedly stolen property to him THE LICENSEE, and 757
any person who acted in consort with the pledgor or the seller to 759
defraud the licensee, the amount the licensee paid or loaned for 760
the allegedly stolen property, plus interest and storage charges 761
provided for in section 4727.06 of the Revised Code. 762
Sec. 4727.13. (A) The superintendent of financial 771
institutions shall adopt rules in accordance with Chapter 119. of 772
the Revised Code for the administration and enforcement of 773
sections 4727.01 to 4727.16 of the Revised Code THIS CHAPTER. 774
(B) The superintendent shall enforce sections 4727.01 to 776
4727.16 of the Revised Code THIS CHAPTER, make all reasonable 777
effort to discover alleged violators, notify the proper 779
prosecuting officer whenever the superintendent has reasonable 780
grounds to believe that a violation has occurred, act as 782
complainant in the prosecution thereof, and aid such officers to 783
the best of the superintendent's ability in such prosecutions. 784
The superintendent shall employ such deputies as may be necessary 785
to make the investigations and inspections, and otherwise perform 786
the duties imposed by such sections.
(C) THE SUPERINTENDENT MAY ISSUE A CEASE AND DESIST ORDER 788
AGAINST ANY PERSON THE SUPERINTENDENT REASONABLY SUSPECTS HAS 789
VIOLATED, IS CURRENTLY VIOLATING, OR IS ABOUT TO VIOLATE THIS 790
17
CHAPTER. THE SUPERINTENDENT MAY APPLY TO A COURT OF COMMON PLEAS 791
FOR AN ORDER COMPELLING A PERSON TO COMPLY WITH ANY CEASE AND 792
DESIST ORDER OR ANY SUBPOENA ISSUED BY THE SUPERINTENDENT.
(D) THE SUPERINTENDENT MAY OBTAIN FROM THE COURT OF COMMON 794
PLEAS ANY FORM OF INJUNCTIVE RELIEF AGAINST ANY PERSON THAT HAS 795
VIOLATED, IS CURRENTLY VIOLATING, OR IS ABOUT TO VIOLATE THIS 796
CHAPTER.
(E) TO ENFORCE THIS CHAPTER, THE SUPERINTENDENT MAY ISSUE 798
A SUBPOENA TO ANY PERSON TO COMPEL THE PRODUCTION OF ANY ITEM, 799
RECORD, OR WRITING, INCLUDING AN ELECTRONIC WRITING, AND MAY 800
ISSUE A SUBPOENA TO ANY PERSON TO COMPEL THE APPEARANCE AND 801
RENDERING OF TESTIMONY.
(F) THE SUPERINTENDENT MAY EXAMINE AND INVESTIGATE THE 803
BUSINESS, INCLUDING THE BUSINESS LOCATION AND ANY BOOKS, RECORDS, 804
WRITINGS, INCLUDING ELECTRONIC WRITINGS, SAFES, FILES, OR STORAGE 805
AREAS LOCATED IN OR UTILIZED BY THE BUSINESS LOCATION, OF ANY 806
PERSON THE SUPERINTENDENT REASONABLY SUSPECTS TO BE ADVERTISING, 807
TRANSACTING, OR SOLICITING BUSINESS AS A PAWNBROKER. THE
SUPERINTENDENT MAY REQUEST THE ATTENDANCE AND ASSISTANCE OF THE 808
APPROPRIATE CHIEF OF POLICE OF A MUNICIPAL CORPORATION OR 809
TOWNSHIP, THE COUNTY SHERIFF, OR THE STATE HIGHWAY PATROL DURING 810
THE EXAMINATION AND INVESTIGATION OF THE BUSINESS. 811
Sec. 4727.14. Sections 4727.01 to 4727.15 of the Revised 820
Code do THIS CHAPTER DOES not apply to persons who obtain 821
licenses under sections 1321.01 to 1321.19 or 1321.51 to 1321.60 823
of the Revised Code, or to national banks, state banks, or
FEDERALLY INSURED DEPOSITORY INSTITUTIONS SUCH AS A STATE OR 824
FEDERALLY CHARTERED BANK, savings and loan associations 826
ASSOCIATION, or credit unions UNION. 827
Sec. 4727.15. (A) No person, firm, partnership, 836
corporation, or association LICENSED AS A PAWNBROKER UNDER THIS 837
CHAPTER, and no agent, officer, or employee thereof, shall 838
violate sections 4727.01 to 4727.15 of the Revised Code THIS 839
CHAPTER. The division of financial institutions upon criminal 840
18
conviction shall revoke any license issued to such person, firm, 841
partnership, corporation, or association. The division also may 842
assess a penalty against or revoke or suspend the license of any 843
licensee in accordance with section 4727.03 of the Revised Code 844
upon a criminal conviction of the licensee for any criminal 845
offense.
(B) UPON THE CRIMINAL CONVICTION OF A LICENSEE OR ANY 847
EMPLOYEE, MANAGER, OFFICER, DIRECTOR, SHAREHOLDER, MEMBER, OR 848
PARTNER OF A LICENSEE FOR A VIOLATION OF THIS CHAPTER, THE 850
SUPERINTENDENT OF FINANCIAL INSTITUTIONS MAY SUSPEND THE LICENSE 851
OF THE LICENSEE WITHOUT A PRIOR HEARING TO PROTECT THE PUBLIC 852
INTEREST AND SUBSEQUENTLY MAY ACT TO REVOKE THE LICENSE OF THE 853
LICENSEE PURSUANT TO CHAPTER 119. OF THE REVISED CODE. 854
(C) UPON THE CRIMINAL CONVICTION OF A LICENSEE OR ANY 856
EMPLOYEE, MANAGER, OFFICER, DIRECTOR, SHAREHOLDER, MEMBER, OR 857
PARTNER OF A LICENSEE UNDER ANY SECTION IN TITLE XXIX OF THE 858
REVISED CODE OR UNDER FEDERAL LAW FOR THEFT, RECEIVING STOLEN 859
PROPERTY, OR MONEY LAUNDERING, THE SUPERINTENDENT MAY SUSPEND THE 860
LICENSE OF THE LICENSEE WITHOUT A PRIOR HEARING TO PROTECT THE
PUBLIC INTEREST AND SUBSEQUENTLY MAY ACT TO REVOKE THE LICENSE OF 862
THE LICENSEE PURSUANT TO CHAPTER 119. OF THE REVISED CODE. 864
(D) UPON THE CRIMINAL CONVICTION OF A LICENSEE UNDER ANY 866
SECTION OF TITLE XXIX OF THE REVISED CODE OR UNDER FEDERAL LAW 867
FOR A CRIME OTHER THAN THEFT, RECEIVING STOLEN PROPERTY, OR MONEY 868
LAUNDERING, THE SUPERINTENDENT MAY ASSESS A PENALTY AGAINST THE 869
LICENSEE OR ACT TO REVOKE OR SUSPEND THE LICENSE OF THE LICENSEE 870
PURSUANT TO CHAPTER 119. OF THE REVISED CODE.
Sec. 4727.16. (A) A PERSON LICENSED AS A PAWNBROKER UNDER 872
THIS CHAPTER SHALL STATE THE LICENSE NUMBER ISSUED BY THE 874
SUPERINTENDENT OF FINANCIAL INSTITUTIONS IN ALL ADVERTISEMENTS, 875
OFFERS, AND SOLICITATIONS.
(B) NO PERSON NOT LICENSED UNDER THIS CHAPTER MAY 877
ADVERTISE AS A PAWNBROKER. 878
Sec. 4727.17. (A) EVERY SALE, TRANSFER, OR HYPOTHECATION 880
19
OF ANY STOCK, SECURITY, MEMBERSHIP, PARTNERSHIP, OR OTHER 881
EQUITABLE, BENEFICIAL, OR OWNERSHIP INTEREST IN A PERSON LICENSED 882
AS A PAWNBROKER, IN AN AMOUNT REPRESENTING A TEN PER CENT OR 883
GREATER EQUITABLE, MEMBERSHIP, PARTNERSHIP, BENEFICIAL, OR OTHER 884
OWNERSHIP INTEREST IN THE LICENSEE, MUST BE APPROVED IN WRITING 885
BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS PRIOR TO THE
SALE, TRANSFER, OR HYPOTHECATION OF THE INTEREST IN THE LICENSEE. 886
(B) EVERY PERSON ACQUIRING OR RECEIVING AN INTEREST AS 888
DESCRIBED IN DIVISION (A) OF THIS SECTION IS SUBJECT TO THE 889
LICENSING REQUIREMENTS OF THIS CHAPTER AS IF THE PERSON WERE A 890
NEW AND SEPARATE LICENSE APPLICANT. 891
Sec. 4727.18. (A) EXCEPT AS OTHERWISE PROVIDED IN THIS 893
DIVISION, ANY INFORMATION ARISING FROM, OBTAINED BY, OR CONTAINED 895
IN AN INVESTIGATION OF A PERSON LICENSED AS A PAWNBROKER UNDER
THIS CHAPTER PERFORMED BY THE SUPERINTENDENT OF FINANCIAL 897
INSTITUTIONS IS CONFIDENTIAL INFORMATION AND IS NOT A PUBLIC 899
RECORD UNDER SECTION 149.43 OF THE REVISED CODE. THE
SUPERINTENDENT, HOWEVER, MAY SHARE INVESTIGATION INFORMATION WITH 900
A LAW ENFORCEMENT AGENCY.
(B) EXCEPT AS OTHERWISE PROVIDED IN THIS DIVISION, ANY 902
INFORMATION ARISING FROM, OBTAINED BY, OR CONTAINED IN AN 903
INVESTIGATION BY THE SUPERINTENDENT OF ANY PERSON THE 904
SUPERINTENDENT REASONABLY SUSPECTS HAS VIOLATED OR IS VIOLATING 905
THIS CHAPTER IS CONFIDENTIAL INFORMATION AND NOT A PUBLIC RECORD 906
UNDER SECTION 149.43 OF THE REVISED CODE. THE SUPERINTENDENT, 907
HOWEVER, MAY SHARE INVESTIGATION INFORMATION WITH A LAW
ENFORCEMENT AGENCY. 908
Sec. 4727.19. (A) EFFECTIVE WITH THE TWO-YEAR PERIOD THAT 910
BEGINS JUNE 30, 2000, AND EVERY TWO-YEAR PERIOD THEREAFTER, EACH 911
PERSON LICENSED AS A PAWNBROKER UNDER THIS CHAPTER SHALL COMPLETE 912
BY THE END OF THE PERIOD AT LEAST TWELVE HOURS OF CONTINUING 914
EDUCATION INSTRUCTION OFFERED IN A COURSE OR PROGRAM APPROVED BY 915
THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS AFTER CONSULTATION 916
WITH AN INDUSTRY REPRESENTATIVE SELECTED BY THE SUPERINTENDENT.
20
(B) ANY PERSON LICENSED UNDER THIS CHAPTER WHO HAS MORE 918
THAN THREE EMPLOYEES SHALL DESIGNATE AN INDIVIDUAL TO THE 919
SUPERINTENDENT AS A SALESPERSON. EFFECTIVE WITH THE TWO-YEAR 920
PERIOD THAT BEGINS JUNE 30, 2000, AND EVERY TWO-YEAR PERIOD 921
THEREAFTER, A SALESPERSON SHALL COMPLETE BY THE END OF THE PERIOD 922
AT LEAST EIGHT HOURS OF CONTINUING EDUCATION INSTRUCTION OFFERED 923
IN A COURSE OR PROGRAM APPROVED BY THE SUPERINTENDENT IN 924
CONSULTATION WITH A DESIGNATED INDUSTRY REPRESENTATIVE. 925
(C) EACH LOCATION OF THOSE PERSONS LICENSED UNDER THIS 927
CHAPTER WHO HAVE THREE OR MORE EMPLOYEES SHALL HAVE AT LEAST ONE 930
SALESPERSON WHO MEETS THE CONTINUING EDUCATION REQUIREMENTS OF 931
THIS SECTION.
(D) THE SUPERINTENDENT, IN ACCORDANCE WITH CHAPTER 119. OF 934
THE REVISED CODE, MAY SUSPEND, REVOKE, OR REFUSE TO RENEW THE
LICENSE OF ANY LICENSEE WHO FAILS TO COMPLY WITH THIS SECTION. 935
(E) THE SUPERINTENDENT, IN ACCORDANCE WITH CHAPTER 119. OF 938
THE REVISED CODE, MAY ADOPT RULES REGARDING CONTINUING EDUCATION
FEES, LOCATIONS, TIMES, FREQUENCY, AND WAIVERS OF REQUIREMENTS. 939
Sec. 4727.20. (A) NO PERSON LICENSED AS A PAWNBROKER 941
UNDER THIS CHAPTER SHALL CONDUCT BUSINESS IN THIS STATE, UNLESS 943
THE LICENSEE DOES EITHER OF THE FOLLOWING:
(1) MAINTAINS LIQUID ASSETS IN A MINIMUM AMOUNT OF FIFTY 945
THOUSAND DOLLARS; 946
(2) OBTAINS A SURETY BOND ISSUED BY A BONDING COMPANY OR 949
INSURANCE COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE. THE
BOND SHALL BE IN FAVOR OF THE SUPERINTENDENT OF FINANCIAL 950
INSTITUTIONS AND IN THE PENAL SUM OF AT LEAST TWENTY-FIVE 951
THOUSAND DOLLARS. THE LICENSEE SHALL FILE A COPY OF THE BOND 952
WITH THE SUPERINTENDENT. THE BOND SHALL BE FOR THE EXCLUSIVE 953
BENEFIT OF ANY PERSON INJURED BY A LICENSEE'S VIOLATION OF THIS 954
CHAPTER. THE AGGREGATE LIABILITY OF THE SURETY FOR ANY AND ALL 956
BREACHES OF THE CONDITIONS OF THE BOND SHALL NOT EXCEED THE PENAL 957
SUM OF THE BOND.
(B) THE LICENSEE SHALL GIVE NOTICE TO THE SUPERINTENDENT 959
21
BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OF ANY ACTION THAT 960
IS BROUGHT AGAINST THE LICENSEE AND OF ANY JUDGMENT THAT IS 963
ENTERED AGAINST THE LICENSEE BY A PERSON INJURED BY A VIOLATION 964
OF THIS CHAPTER. THE NOTICE SHALL PROVIDE DETAILS SUFFICIENT TO
IDENTIFY THE ACTION OR JUDGMENT AND SHALL BE FILED WITH THE 965
SUPERINTENDENT WITHIN TEN DAYS AFTER THE COMMENCEMENT OF THE 966
ACTION OR NOTICE TO THE LICENSEE OF ENTRY OF A JUDGMENT. THE 967
SURETY, WITHIN TEN DAYS AFTER IT PAYS ANY CLAIM OR JUDGMENT, 968
SHALL GIVE NOTICE TO THE SUPERINTENDENT BY CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, OF THE PAYMENT, WITH DETAILS SUFFICIENT TO 970
IDENTIFY THE PERSON AND THE CLAIM OR JUDGMENT PAID. 971
(C) WHENEVER THE PENAL SUM OF THE SURETY BOND IS REDUCED 973
BY ONE OR MORE RECOVERIES OR PAYMENTS, THE LICENSEE SHALL FURNISH 974
A NEW OR ADDITIONAL BOND UNDER THIS SECTION, SO THAT THE TOTAL OR 975
AGGREGATE PENAL SUM OF THE BOND OR BONDS EQUALS THE SUM REQUIRED 976
BY THIS SECTION, OR SHALL FURNISH AN ENDORSEMENT EXECUTED BY THE 977
SURETY REINSTATING THE BOND TO THE REQUIRED PENAL SUM OF THE 978
BOND.
(D) THE LIABILITY OF THE SURETY ON THE BOND TO THE 980
SUPERINTENDENT AND TO ANY PERSON INJURED BY A VIOLATION OF THIS 981
CHAPTER IS NOT AFFECTED IN ANY WAY BY ANY MISREPRESENTATION, 982
BREACH OF WARRANTY, OR FAILURE TO PAY THE PREMIUM, BY ANY ACT OR 983
OMISSION UPON THE PART OF THE LICENSEE, BY THE INSOLVENCY OR 984
BANKRUPTCY OF THE LICENSEE, OR BY THE INSOLVENCY OF THE
LICENSEE'S ESTATE. THE LIABILITY FOR ANY ACT OR OMISSION THAT 985
OCCURS DURING THE TERM OF THE SURETY BOND SHALL BE MAINTAINED AND 986
IN EFFECT FOR AT LEAST TWO YEARS AFTER THE DATE ON WHICH THE 987
SURETY BOND IS TERMINATED OR CANCELED.
(E) THE LICENSEE SHALL NOT CANCEL THE SURETY BOND EXCEPT 989
UPON NOTICE TO THE SUPERINTENDENT BY CERTIFIED MAIL, RETURN 990
RECEIPT REQUESTED. THE CANCELLATION IS NOT EFFECTIVE PRIOR TO 991
THIRTY DAYS AFTER THE SUPERINTENDENT RECEIVES THE NOTICE. 992
(F) NO LICENSEE SHALL FAIL TO COMPLY WITH THIS SECTION. 994
Sec. 4727.16 4727.21. The state, through the 1,003
22
superintendent of the division of financial institutions in the 1,004
department of commerce, in accordance with this chapter, shall be 1,005
IS the sole regulator of persons engaged in business as 1,007
pawnbrokers.
Sec. 4727.99. (A) Whoever violates sections 4727.03 to 1,016
4727.15 4727.21 of the Revised Code is guilty of a misdemeanor of 1,017
the third degree on a first offense and a misdemeanor of the 1,018
second degree on each subsequent offense. 1,019
(B) Whoever violates section 4727.02 of the Revised Code 1,021
is guilty of a felony of the fifth degree. 1,022
Section 2. That existing sections 4727.01, 4727.02, 1,024
4727.03, 4727.04, 4727.05, 4727.06, 4727.08, 4727.09, 4727.10, 1,025
4727.11, 4727.12, 4727.13, 4727.14, 4727.15, 4727.16, and 4727.99 1,026
of the Revised Code are hereby repealed.
Section 3. Section 4727.01 of the Revised Code is 1,028
presented in this act as a composite of the section as amended by 1,029
both Am. Sub. H.B. 353 and Am. Sub. S.B. 293 of the 121st General 1,031
Assembly, with the new language of neither of the acts shown in 1,032
capital letters. Section 4727.06 of the Revised Code is 1,033
presented in this act as a composite of the section as amended by 1,034
both Sub. H.B. 376 and Sub. S.B. 259 of the 120th General 1,035
Assembly, with the new language of neither of the acts shown in 1,037
capital letters. Section 4727.08 of the Revised Code is 1,038
presented in this act as a composite of the section as amended by 1,039
both Am. Sub. H.B. 353 and Am. Sub. S.B. 293 of the 121st General 1,040
Assembly, with the new language of neither of the acts shown in 1,042
capital letters. This is in recognition of the principle stated 1,043
in division (B) of section 1.52 of the Revised Code that such 1,044
amendments are to be harmonized where not substantively 1,045
irreconcilable and constitutes a legislative finding that such is 1,046
the resulting version in effect prior to the effective date of 1,047
this act.