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O-2005-9
AN ORDINANCE
AMENDING SECTIONS 5.24.010, 5.24.080, 5.24.140, 5.24.210, AND 5.24.250 OF CHAPTER 5.24 OF THE LAKEWOOD MUNICIPAL CODE PERTAINING TO PAWNBROKERS
BE IT ORDAINED by the City Council of the City of Lakewood, Colorado, that:
SECTION 1. Section 5.24.010 of the Lakewood Municipal Code relating to the definition of contract for purchase is hereby amended and shall be as follows:
5.24.010 DEFINTIONS
"Contract for purchase" means a contract entered into between a pawnbroker and a customer pursuant to which money is advanced to a customer by the pawnbroker on the delivery of tangible personal property by the customer on the condition that a customer, for a fixed price and within a fixed period of time, to be no less than thirty days, has the option to cancel said contract.
SECTION 2. Section 5.24.010 of the Lakewood Municipal Code relating to the definition of fixed price is hereby amended and shall be as follows:
5.24.010 DEFINITIONS
"Fixed price" means that amount agreed upon to cancel a contract for purchase during the option period. Said fixed price shall exceed one-fifth of the original purchase price for each month plus the original purchase price
SECTION 3. Section 5.24.010 of the Lakewood Municipal Code relating to the definition of fixed time is hereby amended and shall be as follows:
5.24.010 DEFINITIONS
"Fixed time" means that period of time, to be no less than thirty
days, as set forth in a contract for purchase, for an option to cancel said
contract.
SECTION 4. Subsection 5.24.080(A) of the Lakewood Municipal Code is hereby amended
and shall be as follows:
5.24.080(A) MANAGER-CHANGE OF MANAGER
A. A pawnbroker shall employ a manager to operate a pawnbrokering business, provided the pawnbroker retains complete control of all aspects of the pawnbrokering business, including but not limited to the pawnbroker's right to possession of the premises, his responsibility for all debts, and the pawnbroker must bear all risk of loss or opportunity for profit from the business.
SECTION 5. Section 5.24.140 of the Lakewood Municipal Code is hereby amended and shall be as follows:
5.24.140 BOOKS AND RECORDS
A. A pawnbroker, his employee, agent, or any other person acting on his behalf shall keep an alphabetical index of the names of customers and a numerical register or automated format approved by the Lakewood Police Department in which the pawnbroker, his employee, agent, or any other person acting on his behalf shall legibly record the following information in the English language, in ink, and contemporaneously with each contract for purchase or purchase transaction:
1. The name of the customer;
2. The address and phone number of the customer;
3. The date of birth of the customer;
4. The number of customer's valid Colorado driver's license, or one of the following alternative forms of identification:
a. Valid Colorado identification card;
b. A valid driver's license with photograph, issued by another state
c. Military identification card;
d. Valid passport;
e. Alien registration card;
f. An identification document with no photograph, issued by the state or federal government;
5. The date, time, and place of the contract for purchase or purchase transaction;
6. An accurate, detailed account and description of each item of tangible personal property including but not limited to any trademark, identification number, serial number, model number, brand name, or identifying marks on such property;
7. The signature of the customer; and
8. A clear and identifiable imprint of the customer's right index finger.
B. The pawnbroker shall obtain a written declaration of the customer's ownership which shall state that each item of tangible personal property is totally owned by the customer, how long the customer has owned the property, whether the customer or someone else has found the property, and if the property was found, the details of the finding. The customer shall sign his name in the register or other tangible or electronic record, and the individual declaration of ownership for each item of tangible personal property and receive a copy of the contract for purchase or a receipt of the purchase transaction.
C. The pawnbroker shall keep the register or other tangible or electronic record for at least three years after the date of the last transaction entered in the register. The register shall be kept in a place which is reasonably safe from destruction or theft.
D. Such register and other books and records of the pawnbroker shall be open to the inspection of any Lakewood Police Department employee. Upon the demand of such employee, the pawnbroker shall produce and show any tangible personal property given to the pawnbroker in connection with any contract for purchase or purchase transaction. The pawnbroker's books shall list the date on which each contract for purchase was canceled, whether it was redeemed, or forfeited and sold.
E. 1. Every pawnbroker shall provide the Lakewood Police Department with records, in a format approved by the Lakewood Police Department, of all tangible personal property accepted by the pawnbroker pursuant to a contract for purchase or a purchase transaction and copies of each customer's declaration of ownership. The records shall contain the same information required to be recorded in the pawnbroker's register or other tangible or electronic record pursuant to this section. The required information shall be mailed or otherwise delivered to the Lakewood Police Department within seven days of each contract for purchase or purchase transaction.
2. The reporting format of the required information shall be one of the following:
a. Forms approved by the Lakewood Police Department together with a computer diskette containing the same information in a format approved by the Lakewood Police Department; or
b. Forms approved by the Lakewood Police Department and electronic transmission to the Lakewood Police Department of the same information in a format approved by the Lakewood Police Department.
SECTION 6. Section 5.24.210 of the Lakewood Municipal Code is hereby amended and shall be as follows:
5.24.210 INTEREST RATES- COMMISSION
No pawnbroker shall ask, demand, or receive any greater rate of interest, commission, and compensation than the total rate of one-fifth of the original purchase price for each month, plus the original purchase price. The pawnbroker may charge the customer for any transaction fee imposed by Section 5.24.370. No other charges shall be made by the pawnbroker upon renewal of any contracts for purchase or at any other time. In the event any such charges are made, the contract shall be void. Any contract for the payment of commissions by the customer for making a contract for purchase on tangible personal property shall be null and void.
SECTION 7. Section 5.24.250 of the Lakewood Municipal Code is hereby amended and shall be as follows:
5.24.250 HOLD ORDER
Any authorized agent of the Lakewood Police Department may order a pawnbroker to hold any tangible personal property deposited with or in the custody of any pawnbroker for purposes of further investigation by the Lakewood Police Department. A hold order shall be effective upon verbal notification to the pawnbroker by an authorized agent of the Lakewood Police Department and shall be for a period of ninety days. The hold order may be extended for an additional period of ninety days by the Lakewood Police Department for good cause. Written notice by facsimile of the hold order shall be provided to the pawnbroker within seventy-two hours of the verbal notification, unless the end of the seventy-two hour period falls on a Saturday, Sunday or holiday, in which event the written notification of the hold order shall be provided to the pawnbroker on the following Monday or the next business day following a holiday. A hold order shall supersede the provisions of Sections 5.24.230 and 5.24.240, and no sale or other disposition may be made of any tangible personal property deposited with or in the custody of the pawnbroker while the hold order remains in effect. Any sale or other disposition of the property after the pawnbroker has been notified by the Lakewood Police Department of a hold order shall be unlawful and a violation of this provision.
SECTION 7. This ordinance shall take effect thirty (30) days after final publication.
I hereby attest and certify that the within and foregoing ordinance was introduced and read on first reading at a regular meeting of the Lakewood City Council on the 28th day of February, 2005; published in full in the Lakewood Sentinel on the 3rd day of March, 2005; set for public hearing on the 28th day of March, 2005; read, finally passed and adopted by the City Council on the 28th day of March 2005; and, signed and approved by the Mayor on the 29th day of March, 2005.
Stephen A. Burkholder, Mayor
ATTEST:
Margy Greer, City Clerk
Approved as to form:
City Attorney
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