A. Every pawnbroker shall at the time of each pawn transaction deliver to the person pawning any good, a ticket signed by the pawnbroker containing the substance of the entry required to be made in his report pursuant to Section 9 [56-12-9 NMSA 1978] of the Pawnbrokers Act.
B. The holder of such ticket shall be presumed to be the person entitled to redeem the pledge and the pawnbroker shall deliver such article to the person so presenting such ticket on payment of principal and all lawful charges.
C. The pawn ticket required by this section shall further contain all disclosures of credit terms required to be disclosed to the pledgor by the federal Truth in Lending Act.
History: Laws 1985, ch. 228, § 10.
Cross references. — For the federal Truth in Lending Act, see 15 U.S.C. § 1601 et seq.
Use of copy of driver's license. — Pawnbroker's practice of attaching copy of driver's license to pawn ticket did not comply with the requirements of this chapter that the pawnbroker report pawned items to the police and include on the pawn ticket itself a complete description of the person pawning the item. Yazzie v. Ray Vicker's Special Cars, Inc., 12 F. Supp. 2d 1230 (D.N.M. 1998).
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