The following definitions apply for purposes of this chapter:

(1) "Person" means an individual, partnership, corporation, joint venture, trust, association, or any other legal entity however organized.

(2) "Pawnbroker" means any person engaged in the business of lending money on the security of pledged goods, or engaged in the business of purchasing tangible personal property on condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time.

(3) "Pledged goods" means tangible personal property other than vehicles as defined in Section 56-3-20(1) required to be registered and licensed pursuant to Title 56, choses in action, title, securities, or printed evidences of indebtedness, which property is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of his business in connection with a pawn transaction.

(4) "Pawnshop" means the location at which or premises in which a pawnbroker regularly conducts business.

(5) "Month" means that period of time from one date in a calendar month to the corresponding date in the following calendar month, but if there is no corresponding date, then the last day of the following month, and when computations are made for a fraction of a month, a day is one-thirtieth of a month.

(6) "Administrator" means the administrator of the Department of Consumer Affairs.

(7) "Pawn transaction" means the pledging with a pawnbroker under this chapter of a single item of goods or tangible personal property as security for a loan of money. Items that are usually sold as a set are considered a single item and must be included in the same transaction, and a pledged item together with items that are accessories to the pledged item are considered a single item and must be included in the same transaction. A separate pawn transaction retains its separate character when it is renewed, unless the parties agree otherwise.

HISTORY: 1988 Act No. 491, Section 2; 2016 Act No. 262 (H.4090), Section 4, eff June 9, 2016.

Editor's Note

Prior Laws:1900 (23) 427; Civ. C. '02 Section 1749; Civ. C. '12 Section 2625; Civ. C. '22 Section 3946; 1932 Code Section 7130; 1942 Code Section 7130; 1952 Code Section 56-1151; 1962 Code Section 56-1151.

Effect of Amendment

2016 Act No. 262, Section 4, in (3), inserted reference to vehicles as defined in Section 56-3-20(1).