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ORDINANCE: 2005-9
SUBJECT: Amending Chapter 5.24 Pertaining to Pawnbrokers
RECOMMENDATION: Mayor and City Council approve the proposed ordinance
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
During the last legislative session, the state statutes pertaining to the regulation of pawnbrokers were amended. Included in these amendments was a provision, which specifically prohibits local governments from enacting pawnbroker regulations that are more restrictive than state law with respect to fixed time and fixed price, Section 12-56-102, C.R.S. The proposed ordinance amends Chapter 5.24 pertaining to pawnbrokers to mirror the new state provisions by making the following changes:
· Definition of "contract for purchase" and "fixed time." The proposed amendments change a period a pawnbroker must hold pawned items from not more than ninety days, to not less than thirty days.
· Definition of "fixed price." The proposed change to this
definition will allow pawnbrokers to charge up to one-fifth of the original
purchase price per month as their fee for redeeming pawned items regardless
of the value of the item.
· Manager of a pawnbroking business. The proposed amendment clarifies
that pawnbrokers are required to have a manager of the pawnbroking business.
This manager must be registered and his background must be investigated by the
Lakewood Police Department.
· Books and records. To avoid identity theft, the customer will no longer
be required to provide the pawnbroker with his social security number. Additionally,
the pawnbroker will be allowed to keep his records in electronic or other tangible
form rather than a numerical register. This proposed amendment also clarifies
that employees of the police department may inspect the pawnbroker's records.
This provision currently requires that police agents conduct such inspections.
Typically, investigative technicians in the police department perform this function.
· Interest rate - Commission. This provision has been updated to delete
the outdated language that limited, in contravention of the new state law, the
amount that pawnbrokers can charge as their fee for redeeming pawned items.
· Hold order. An incorrect reference to another section has been rectified.
DATE OF FIRST READING: February 28, 2005
DATE OF SECOND READING: March 28, 2005
ORIGINATED BY: Police Department
STAFF PERSON RESPONSIBLE: Janet Young, Deputy City Attorney, 303-987-7108
Roger Hardesty, Police Computer Analyst, 303-987-7254
DOCUMENTS ATTACHED: Ordinance 0-2005-9
Redline Version
SUBMITTED BY: Ronald R. Burns, Chief of Police, Lakewood Police Department
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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