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statement of such change sworn to as above provided shall forthwith be filed with the proper authority of said city.

amount of.

SEC. 5. Such license shall not be granted until such li- Bonds, censee shall give to the said city a bond to be approved by the common council in the penal sum of one thousand dollars executed by the principal and one or more sureties as required by said common council. Such bond may be, and shall Executing of. be if required by the common council, executed as surety by a domestic or foreign corporation authorized by the general laws of this State to transact within the State the business of surety insurance, conditioned to pay all damages and costs sustained by the borrower, his heirs and assigns result

ing from any violation of the provisions of this act. For any Bondsmen, violation of the provisions or restrictions of this act the said when liable. bondsmen shall be liable as provided by the conditions of said bond, and if any person shall be aggrieved by the conduct of such person, partnership, association or corporation doing business under this act and shall recover judgment against him therefor, such person may, after the return unsatisfied either in whole or in part of any execution issued upon said judgment, maintain an action in his own name and for his own use, upon the bond of said pawnbroker or loan agent in any court having jurisdiction for the amount of said judgment remaining unsatisfied. The mayor may at any time New bond. order a new bond, and upon the failure to file any such bond so required within five days, or whenever a licensee has been twice convicted of a violation of any of the provisions of this act, the [the] mayor of the city where the licensee is engaged License, in business shall, forthwith revoke such license. Such bond, Bond, reif executed by a private person or persons as surety, shall be newal of. renewed at least once a year.

when revoked.

spection of.

SEC. 6. Any person, partnership, association or corpora- Book, intion who loans money under the terms of this act on deposit or pledge of any of the property included in section one of this act, or upon any promissory note secured by a mortgage or other lien upon any such property, when such mortgagee takes possession of said property or when the possession or control of the possession thereof is taken from the mortgagor, or when it is agreed at the time of making such loan and paying the amount thereof to the mortgagor, that such possession or control of possession shall be taken from the mortgagor within five days thereafter, or when any such property is bought absolute by any person doing business under the provisions of this act, then and in each and every case specified in this section any and all persons doing such business hereunder shall keep a book to be inspected by the chief police officer of the city or such other officer of the police department as shall be designated by him for that purpose, in which shall be written in English at the time he shall re- What to ceive any article of personal property or other valuable thing included in the foregoing provisions of this section, a description of such article, the amount of money loaned thereon,

contain.

the rate of interest to be paid on such loan, the name, residence and general description of the person from whom and Examination. the day and the hour when such property was received; and such book and the place where such business is carried on, and all articles of property therein shall be subject to examination at any time by the mayor or any police officer of such city designated for that purpose as above provided, or by the prosecuting attorney of the county in which said city is situated. Every such person, partnership, association or corporation shall make daily, except Sundays, a sworn statement of his or its transactions included in the class specified in this section, describing the goods or pledges received and setting forth the name, residence and description of the person from whom such goods or pledges were received, and any other information demanded by the chief police officer of such city, which shall be filed with such chief police officer of such city as directed by him.

Sworn statement, what to contain.

Filing of.

Furniture,

etc., when

etc.

SEC. 7. No person, partnership, association or corporamay purchase, tion doing business under the terms of this act shall purchase any second hand furniture, metals, jewelry, clothing or other property or thing included in section one of this act, nor dispose of nor keep for sale any such second hand article or things, except they have been pawned to him or have been received by him under the terms of this act, or by foreclosure of a mortgage or lien thereon and are to be or have been sold at public auction to the highest bidder as provided by law, or when they have been so sold and were bid in by him or it at such sale.

Pawn ticket, delivering of.

How numbered and

upon.

SEC. 8. Every person, partnership, association or corporation who receives any of the goods, wares, jewelry, personal property or chattels included in the terms of section six of this act shall at the time of making such loan deliver to the person from whom the same are received a memorandum or note commonly known as a pawn ticket signed by him or it, containing a copy of the entry required to be made by him in his book by section seven of this act, and no charge shall be made or received for any such entry, memorandum or note. Such memoranda or pawn tickets shall be consecuwhat printed tively numbered, and on the back thereof shall be printed in English in a type as large as the public acts of this State are printed, the following: "Notice. "Notice. No person or firm loaning money upon chattel mortgage or as pawnbroker or salary loan agent can legally charge more than two per cent interest per month on sums not exceeding one hundred dollars, nor more than one and one-half per cent per month on larger sums. On loans on chattel mortgage when goods are left with mortgagor an inspection fee in addition may be charged of one dollar on loans of fifty dollars or less and two dollars on larger loans. Any person charging more than above stated, upon application to the police department, may secure the cancellation of both interest and amount loaned. No interest exceeding seven per cent per annum may be

Inspection fee, when may be charged.

charged on any loan secured in whole or in part on real estate nor when the security is given to secure any part of the purchase price of the property."

etc.

SEC. 9. Any person, partnership, association or corpora- Amounts, tion making any loan under the terms of this act which is not included in the terms of the preceding section, shall at the time of making such loan give to the mortgagor a receipt or card upon which shall be stated the date and amount actually loaned, the amount and date of payment or payments, rate of interest and fees charged for such loan. Upon the back thereof shall be printed the same notice as is required by the preceding section to be printed upon the back of pawn tickets.

SEC. 10.

defacing, etc.,

No person, partnership, association or corpora- Goods, etc., tion doing business under this act, receiving any of the goods of. or personal property specified in section six of this act, shall deface, scratch, obliterate, melt or break into parts any such article or thing received by him under the terms of this act, or in any manner cause or suffer to be done by others anything which shall destroy or tend to destroy the identity of such article or render the identification thereof more difficult. Such police officers also shall have the right and shall Notes, etc., be allowed to inspect any notes, mortgages or other securities inspection of. taken by any such person, partnership, association or corporation under the terms of this act at any time during business hours that such officers shall desire.

what to

selling of.

SEC. 11. Whenever payment is made on account of a loan Receipt, to which the provisions of this act shall apply, the person re- contain. ceiving such payment shall when payment is made give to the person paying a receipt setting forth the amount then paid, the amount previously paid and the amount remaining due, identifying the pledge, note, mortgage or assignment as the case may be to which it is to be applied: Provided, That Proviso, act, none of the provisions of this act shall be applicable to any app application person, partnership, association or corporation loaning money which does not charge or receive directly or indirectly more than seven per cent per annum upon any loan made. SEC. 12. No pawnbroker shall sell any pawn or pledge un- Pawn, etc., til the same shall have remained six months in his possession, and all such sales shall be at public auction to the highest bidder and not otherwise. Notice of such sale shall Sale, be published for at least six days previous thereto in one of publishing of. the daily papers, published in English in the city where the business is carried on: Provided, That if there be no daily Proviso. newspaper in said city said notice shall be published at least two successive weeks in a weekly newspaper, published in English in such city, and if there be no such weekly paper then such notice shall be published in some other paper generally circulated in such city. Such notice shall specify Notice, the time and place at which such sale is to take place and what shall by whom it is to be conducted, and shall contain the same description of the articles or goods to be sold as was given

specify.

Borrower, how may reinvest.

Surplus

money from sale.

Minors, etc., of unsound mind, etc.

Age.

Criminal cases, warrant, issuing of.

Bonds, issuing of.

in the memorandum or note delivered to the pawner under section nine of this act, and shall give the number of such memorandum or note.

SEC. 13. The borrower may at any time prior to the sale pay or tender to the lender or his agents in charge of his office the debt and interest thereon, together with the cost of advertising the sale, if the sale has been advertised, and such payment or tender shall have the effect to reinvest the pawner with the title and right of possession to the property pledged or mortgaged.

SEC. 14. The surplus money if any arising from such sale, after deducting the amount of the loans, the interest then due on the same and the expense of advertising, shall be paid over by the pawnbroker mortgagee to the person who would be entitled to redeem the pledge or property in case no such sale had taken place.

SEC. 15. No pawnbroker or person doing the business above described as pawnbroking shall receive in pledge or pawn any article or thing whatever from any person after receiving from any police officers or the parent or guardian of any minor or person of unsound mind, written notice that such person is a minor or is of unsound mind or neglects all lawful business, or that he habitually spends his time in frequenting houses of ill-fame, gaming houses or tippling houses, or that from drinking, gaming, idleness or debauchery of any kind he is squandering his earnings or wasting his estate, or that he is likely to bring himself or family to want, or to render himself or family a public charge, or that he is suspected of thievery. No pawnbroker shall receive any pawn from any person under eighteen years of age.

SEC. 16. Whenever complaint shall be made by any person on oath to any magistrate in any city authorized to issue warrants in criminal cases, that personal property belonging to such complainant has been without his consent taken or retained from his possession, and that he has good reason to believe and does believe that the same is pawned or pledged, and that the complainant believes the same to be in some pawnshop within such city, such magistrate, if he be satisfied that there is reasonable cause for such belief, shall issue a warrant to search for such property in the several pawnshops in said city, which warrant shall be directed to the sheriff of the county or any police officer of such city, demanding such officer to search the several pawnshops where the property for which he is required to search is believed to be concealed, which places and the property or thing to be searched for shall be designated and described in the warrant, and to bring such property or other thing before the magistrate issuing the warrant. The court before whom any property so seized shall be brought shall cause the same to be delivered to the complainant on his issuing a bond as hereinafter provided, and if such bond be not executed within twenty-four hours, excluding Sundays, said court shall cause

said property to be returned to the person from whose possession it was taken.

SEC. 17. The said bond shall be in double of the value of Costs and damages, the property claimed, with such surety as such court shall paying of. approve, and shall be given to the person from whose possession the property was taken, with the condition that the obligor so claiming the same will pay all the costs and damages that may be recovered against the obligee in any suit brought within ten days from the date of such bond.

SEC. 18. No license granted under the provisions of this Sunday. act shall authorize any business to be transacted on the first day of the week commonly called Sunday.

act, punish

SEC. 19. Any violation of the provisions of this act shall Violation of be a misdemeanor and punishable by a fine of not more than ment for. one hundred dollars for the first offense, and by a like fine and in the discretion of the court by imprisonment in the county. jail not to exceed sixty days for the second and each subsequent offense, and further in any case where a higher rate of interest is charged than that allowed by this act, all of the interest shall, and the entire amount loaned or any portion thereof may, in the discretion of the court before whom proceedings are brought to enforce the collection of such loan or recover possession of such property, be forfeited to the borrower, and the mortgage and note securing the same shall thereupon become null and void to the extent specified by such court.

acts.

SEC. 20. Act number three hundred thirty-four of the pub- Conflicting lic acts of nineteen hundred seven, entitled "An act to regulate and license pawnbrokers and loan agents," and act number three hundred thirty-seven of the public acts of nineteen hundred seven, entitled "An act regulating the loaning of money when, as security for such loan a lien is taken upon household furniture and effects, musical instruments, typewriters and sewing machines or any other personal chattels, or any assignment or transfer of any salary or part thereof, and prescribing penalties for the violation of the act," are hereby repealed.

Approved April 20, 1911.

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