Minnesota Statutes 325J.08 – Records; Prohibitions
A pawnbroker and any clerk, agent, or employee of a pawnbroker shall not:
Terms Used In Minnesota Statutes 325J.08
- Appropriate law enforcement agency: means the attorney general of the state of Minnesota, the sheriff of each county in which a pawnbroker maintains an office, or the police chief of the municipality or law enforcement officers of the municipality in which a pawnbroker maintains an office. See Minnesota Statutes 325J.01
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Month: means a calendar month and "year" means a calendar year, unless otherwise expressed; and "year" is equivalent to the expression "year of our Lord. See Minnesota Statutes 645.44
- Municipality: means any town, home rule charter or statutory city, or county that elects to regulate and license pawnbrokers within its jurisdiction pursuant to local ordinance. See Minnesota Statutes 325J.01
- Pawn transaction: means any loan on the security of pledged goods or any purchase of pledged goods on the condition that the pledged goods are left with the pawnbroker and may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. See Minnesota Statutes 325J.01
- pawnbroker: means a person engaged in whole or in part in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. See Minnesota Statutes 325J.01
- Pawnshop: means the location at which or premises in which a pawnbroker regularly conducts business. See Minnesota Statutes 325J.01
- Person: means an individual, partnership, corporation, limited liability company, joint venture, trust, association, or any other legal entity, however organized. See Minnesota Statutes 325J.01
- Pledged goods: means tangible personal property other than choses in action, securities, bank drafts, or printed evidence of indebtedness, that are purchased by, deposited with, or otherwise actually delivered into the possession of a pawnbroker in connection with a pawn transaction. See Minnesota Statutes 325J.01
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
(1) make any false entry in the records of pawn transactions;
(2) falsify, obliterate, destroy, or remove from the place of business the records, books, or accounts relating to the licensee’s pawn transactions;
(3) refuse to allow the appropriate law enforcement agency, the attorney general, or any other duly authorized state or federal law enforcement officer to inspect the pawn records or any pawn goods in the person‘s possession during the ordinary hours of business or other times acceptable to both parties;
(4) fail to maintain a record of each pawn transaction for three years;
(5) accept a pledge or purchase property from a person under the age of 18 years;
(6) make any agreement requiring the personal liability of a pledgor or seller, or waiving any provision of this section, or providing for a maturity date less than one month after the date of the pawn transaction;
(7) fail to return pledged goods to a pledgor or seller, or provide compensation as set forth in section 325J.09, upon payment of the full amount due the pawnbroker unless either the date of redemption is more than 60 days past the date of the pawn transaction, renewal, or extension and the pawnbroker has sold the pledged goods pursuant to section 325J.06, or the pledged goods have been taken into custody by a court or a law enforcement officer or agency;
(8) sell or lease, or agree to sell or lease, pledged or purchased goods back to the pledgor or seller in the same, or a related, transaction;
(9) sell or otherwise charge for insurance in connection with a pawn transaction; or
(10) remove pledged goods from the pawnshop premises or other storage place approved by a municipality at any time before the expiration of the redemption period pursuant to section 325J.06. However, (i) a pawnbroker is permitted to return pledged goods to the borrower at any time during the redemption period, (ii) a pawnbroker is permitted to sell the pledged goods or remove the pledged goods from the pawnshop premises or other storage at any time after the expiration of the redemption period set forth in section 325J.06, and (iii) a pawnbroker who purchases goods not involving a pawn transaction is permitted to sell or remove the purchased goods from the pawnshop premises or other storage 31 days or later from the purchase transaction date.