(a) A pawnbroker licensed pursuant to this part has the power to:

Terms Used In Tennessee Code 45-6-204

  • pawn transaction: means either of the following transactions:
    (i) "Buy-sell" agreement means any agreement whereby a pawnbroker agrees to hold a property (pledged goods) for a specified period of time not to be less than sixty (60) days to allow the seller the exclusive right to repurchase the property. See Tennessee Code 45-6-203
  • Pawnbroker: means any person, partnership or corporation engaged in the business of lending money on the security of pledged goods. See Tennessee Code 45-6-203
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • Personal property: All property that is not real property.
  • Pledged goods: means tangible personal property, other than choses in action, securities, printed evidences of indebtedness or title documents, which tangible personal property is purchased by, deposited with, or otherwise actually delivered into the possession of a pawnbroker in connection with a pawn transaction, and includes "pawn" or "pledged property" or similar words. See Tennessee Code 45-6-203
(1) Make loans on the security of pledged goods as a pawn or pawn transaction;
(2) Purchase tangible personal property under a buy-sell agreement from individuals as a pawn or pawn transaction on the condition it may be redeemed or repurchased by the seller at a fixed price within a fixed time not to be less than sixty (60) days;
(3) Lend money on bottomry and respondentia security, at marine interest;
(4) Deal in bullion, stocks and public securities;
(5) Make loans on real estate, stocks and personal property;
(6) Purchase merchandise for resale from dealers and traders;
(7) Make over-the-counter purchases of goods that the seller does not intend to buy back. The pawnbroker shall hold the goods for a period of not less than twenty (20) business days before offering the merchandise for resale; and
(8) Use its capital and funds in any lawful manner within the general scope and purposes of its creation.
(b) Notwithstanding this section, except for a pawn or pawn transaction authorized by Acts 1995, ch. 186, no pawnbroker shall have the power as enumerated in this section without first complying with the law regulating the particular transactions involved.
  Previous section
Next section  
 Part 2 Contents