(A) A pawnbroker applying for a certificate of authority shall tender to the department a fee of two hundred seventy-five dollars plus all other applicable fees required by other agencies to process the application. The administrator may revoke any certificate of authority if the pawnbroker has violated this chapter or any regulation or order lawfully made pursuant to this chapter, or if facts or conditions exist which would clearly have justified the administrator in refusing to grant a certificate of authority had these facts or conditions been known to exist at the time the application for certificate of authority was made. The administrator may promulgate regulations for obtaining and revoking the certificate of authority. Certificates of authority must be renewed on a yearly basis. Applications for renewal must be accompanied by a renewal fee of two hundred seventy-five dollars.

(B) If a pawnbroker's certificate of authority is not renewed before June thirtieth, the administrator shall assess the pawnbroker in addition to the renewal in subsection (A). If a pawnbroker fails to renew his certificate of authority within thirty days after the date the certificate of authority expires or otherwise maintain a valid certificate of authority, the administrator shall require the pawnbroker to comply with the requirements for the initial issuance of a certificate of authority pursuant to this chapter, in addition to any assessment that has accrued.

(C) In the event of closure because of surrender or revocation of a certificate of authority, a pawnbroker shall, for the sole purpose of allowing a pledgor to redeem pledged goods, maintain usual business hours at the pawnshop for ninety days after the latest maturity date of a pawn transaction made at that pawnshop or transfer of pledged goods to a pawnbroker with a valid certificate of authority.

HISTORY: 1988 Act No. 491, Section 2; 2016 Act No. 262 (H.4090), Section 12, 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 56-1163; 1962 Code Section 56-1163.

Effect of Amendment

2016 Act No. 262, Section 12, inserted paragraph designator (A); in (A), made nonsubstantive changes in capitalization of the phrase "certificate of authority"; and added (B) and (C), relating to penalties for noncompliance and limited operations after lapses.