Louisiana Revised Statutes 37:1793 – Pawn ticket
Terms Used In Louisiana Revised Statutes 37:1793
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- License: means the certificate of authority to operate a pawnshop as issued by the commissioner. See Louisiana Revised Statutes 37:1782
- Maturity date: means the last date subsequent to the pawn transaction upon which the pledgor can redeem a pledged thing. See Louisiana Revised Statutes 37:1782
- Pawn transaction: means the lending of money on a deposit or pledge or taking other things into possession as security for money advanced. See Louisiana Revised Statutes 37:1782
- Pawnbroker: means a person who lends money on a deposit or pledge or who takes other things into possession as security for money advanced or who makes a public display at his place of business of the sign generally used by pawnbrokers to denote his business, namely, three gilt or yellow balls, or who publicly exhibits a sign that money is to be loaned on things on deposit. See Louisiana Revised Statutes 37:1782
- Pawnshop: means the location at which, or premises upon which, a pawnbroker regularly conducts business. See Louisiana Revised Statutes 37:1782
- Things: means any property, movable and immovable, corporeal and incorporeal, and rights therein. See Louisiana Revised Statutes 37:1782
A. A pawnbroker, at the time the pawn transaction is originally entered into, shall deliver to the pledgor a memorandum or ticket which shall clearly set forth all of the following and which shall be maintained as a record for the pawnbroker for a period of two years from the date of the transaction:
(1) The pledgor’s name and address.
(2) The pledgor’s date of birth.
(3) The distinctive number from the pledgor’s Louisiana driver’s license, driver’s license from another state, international driver’s license, passport, military identification, or identification issued by a government agency or the United States Postal Service.
(4) The date of the pawn transaction.
(5) A clear and detailed description of the pledged things.
(6) The amount of the cash advanced, designated as the “amount financed”.
(7) The maturity date of the pawn transaction.
(8) The total of the interest and pawn service charges, designated as the “finance charge”.
(9) The total amount financed plus the finance charge which must be paid to redeem the pledged things on the maturity date, designated as the “total of payments”.
(10) The annual percentage rate.
(11) A statement to the effect that the pledgor is not obligated to redeem the pledged things and that the pledged things shall be forfeited to the pawnbroker on the next business day after the maturity date. In the event the pawnshop is not open for business on the maturity date, then the forfeiture date shall be the day immediately following the next business day the pawnshop is open after the maturity date.
(12) The name and address of the pawn shop.
(13) A blank line for the pledgor’s signature.
B. When a pledgor pays and a pawnbroker accepts all of the interest and service charges due on a pawn transaction, a new pawn transaction shall occur and a new maturity date shall be established. The new maturity date shall be extended beyond the original maturity date by a period equal to the number of monthly interest and service charge payments made. In such instances the pawnbroker may either provide the pledgor with a new pawn ticket or designate on the original pawn ticket the new maturity date.
C. Repealed by Acts 1999, No. 361, §2.
Acts 1993, No. 391, §1, eff. Sept. 1, 1993; Acts 1995, No. 1062, §1, eff. June 29, 1995; Acts 1999, No. 361, §2; Acts 2003, No. 500, §1, eff. Sept. 1, 2003.