Section 367.043

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 367

Effective - 20 May 1994, see footnote   

  367.043.  License required — qualifications — oath — bond — accounting — location within one-half mile of excursion gambling boat or facility, prohibited, when. — 1.  No person shall operate a pawnshop unless such person obtains a municipal pawnshop license issued pursuant to this section.  Each municipality or county may issue a pawnshop license to any person who meets the qualifications of this section.  To be eligible for a pawnshop license, an applicant shall:

  (1)  Be of good moral character;

  (2)  Have net assets of at least fifty thousand dollars readily available for use in conducting business as a pawnshop for each licensed pawnshop; and

  (3)  Show that the pawnshop will be operated lawfully and fairly within the purposes of sections 367.011 to 367.060.  In addition to the qualifications specified in subdivisions (1) to (3) of this subsection, a municipality or county may also refuse to issue a pawnshop license to any applicant who has a felony or misdemeanor conviction which directly relates to the duties and responsibilities of the occupation of pawnbroker or otherwise makes the applicant presently unfit for a pawnshop license.

  2.  If the municipality or county is unable to verify that the applicant meets the net assets requirement for a licensed pawnshop, the municipality or county may require a finding, including the presentation of a current balance sheet, by an independent certified public accountant that the accountant has reviewed the books and records of the applicant and that the applicant meets the net assets requirement of this section.

  3.  An application for a new pawnshop license, the transfer of an existing pawnshop license or the approval of a change in the ownership of a licensed pawnshop shall be under oath and shall state the full name and place of residence of the applicant, the place where the business is to be conducted, and other relevant information required by the municipality or county.  If the applicant is a partnership, the municipality or county may require that the application state the full name and address of each member.  If the applicant is a corporation, the application shall state the full name and address of each officer, shareholder, and director.  The application shall be accompanied by:

  (1)  An investigation fee of five hundred dollars if the applicant is unlicensed at the time of applying for the pawnshop license or two hundred fifty dollars if the application involves a second or additional license to an applicant previously licensed for a separate location or involves substantially identical principals and owners of a licensed pawnshop at a separate location; and

  (2)  Proof of general liability if required by the municipality or county, and an annual fee of five hundred dollars.

  4.  Each applicant for a pawnshop license at the time of filing application shall file with the municipality or county, if the municipality or county so requires, a bond satisfactory to him and in an amount not to exceed five thousand dollars for each license with a surety company qualified to do business in this state.  The aggregate liability of such surety shall not exceed the amount stated in the bond.  The bond shall run to the state for the use of the state and of any person or persons who may have a cause of action against the obligor of such bond under the provisions of sections 367.011 to 367.060.  Such bond shall be conditioned that the obligor will comply with the provisions of sections 367.011 to 367.060 and of all rules and regulations lawfully made by the municipality or county, and will pay to the state and to any such person or persons any and all amounts of money that may become due or owing to the state or to such person or persons from such obligor under and by virtue of the provisions of sections 367.011 to 367.060 during the time such bond is in effect.

  5.  Each licensee shall keep, consistent with accepted accounting practices, adequate books and records relating to the licensee's pawn transactions, which books and records shall be preserved for a period of at least two years from the date of the last transaction recorded therein.

  6.  No person who is lawfully operating a pawnshop on August 28, 1990, shall be required to obtain a license under this section in order to continue operating such pawnshop, so long as such person does not violate any other provision of sections 367.011 to 367.060, except that, if such person is required by the municipality or county to have an occupational license, such person shall be required to pay the five-hundred-dollar annual fee prescribed in subdivision (2) of subsection 3 of this section in lieu of any municipal or county occupational license fee.

  7.  In addition to the other requirements of this section for licensure, no license shall be issued under this section on or after May 20, 1994, for the initial operation of a pawnshop if such pawnshop is to be located within one-half mile of a site where an excursion gambling boat dock or facility is located or within one-half mile of a site where an application for such an excursion gambling boat dock or facility is on file with the gaming commission prior to the date the application for the pawnshop license is filed.  The provisions of this subsection shall not prohibit a pawnshop from being located within one-half mile of a dock or facility or proposed dock or facility described in this subsection if the license for such pawnshop has been issued prior to May 20, 1994.

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(L. 1990 H.B. 1125, A.L. 1993 S.B. 18, A.L. 1994 S.B. 740)

Effective 5-20-94