(a) In addition to the other requirements of this chapter, a pawnbroker who holds a title to a motor vehicle as part of a pawn transaction shall:

Terms Used In Minnesota Statutes 325J.095

  • Pawn transaction: means any loan on the security of pledged goods or any purchase of pledged goods on the condition that the pledged goods are left with the pawnbroker and may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. See Minnesota Statutes 325J.01
  • pawnbroker: means a person engaged in whole or in part in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. See Minnesota Statutes 325J.01
  • Pawnshop: means the location at which or premises in which a pawnbroker regularly conducts business. See Minnesota Statutes 325J.01

(1) be licensed as a used motor vehicle dealer under section 168.27, and post such license on the pawnshop premises;

(2) verify that there are no liens or encumbrances against the motor vehicle with the Department of Public Safety; and

(3) verify that the pledgor has automobile insurance on the motor vehicle as required by law.

(b) A pawnbroker may not sell a motor vehicle covered by a pawn transaction until 90 days after recovery of the motor vehicle.