Sec. 36. (a) No pawnbroker shall:

(1) receive any pledge or make a purchase from a person under eighteen (18) years of age; or

Terms Used In Indiana Code 28-7-5-36

  • Pawnbroker: means any person, partnership, association, limited liability company, or corporation that engages in the pawn business. See Indiana Code 28-7-5-2
  • Person: means any individual, limited liability company, sole proprietorship, partnership, trust, joint venture, corporation, unincorporated organization, or other form of entity, however organized. See Indiana Code 28-7-5-2
  • Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
  • Personal property: All property that is not real property.
  • Pledge: means personal property deposited with a pawnbroker as security for a loan. See Indiana Code 28-7-5-2
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) receive any pledge or make a purchase of property that the pawnbroker believes or should have reason to believe is stolen property acquired as a result of a crime.

     (b) No pawnbroker shall purchase personal property or any other thing of value agreeing to sell the same back to the seller at a price other than the original purchase price, at a total charge, rate of interest, discount, or other remuneration in excess of the rate chargeable under sections 28 and 28.5 of this chapter.

     (c) If a pawnbroker purchases personal property or any other thing of value agreeing to sell the same back to the seller at a price other than the original purchase price, section 30 of this chapter applies.

Formerly: Acts 1935, c.195, s.35; Acts 1973, P.L.264, SEC.4. As amended by P.L.17-1985, SEC.22; P.L.14-1992, SEC.157; P.L.42-1993, SEC.82; P.L.45-1995, SEC.32.

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