Terms Used In Louisiana Revised Statutes 37:1801

  • License: means the certificate of authority to operate a pawnshop as issued by the commissioner. 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

A.  Notwithstanding any other provisions of the law to the contrary, except where a pawnbroker possesses a valid used motor vehicle dealer’s license issued pursuant to La. Rev. Stat. 32:771 et seq., he shall not sell a used motor vehicle which he possesses or which he displays for sale except to one of the following:

(1)  A used motor vehicle dealer.

(2)  A purchaser through a regular used motor vehicle auction.

(3)  A purchaser through a used motor vehicle dealer.

B.  The terms “used motor vehicle” and “used motor vehicle dealer” as used in this Section shall have the meaning ascribed in La. Rev. Stat. 32:771.

C.  Repealed by Acts 1995, No. 758, §2, eff. June 27, 1995.

D.  Under no circumstances shall the practice commonly referred to as motor vehicle “title only” pawn transactions be allowed in this state. Every motor vehicle subject to a pawn transaction shall be stored at the business location at which the transaction occurred or at any other location in this state secured or maintained by the pawnbroker.

Acts 1993, No. 391, §1, eff. Sept. 1, 1993; Acts 1995, No. 758, §2, eff. June 27, 1995; Acts 1995, No. 1062, §1, eff. June 29, 1995.