North Carolina Statutes

Chapter 91A Pawnbrokers Modernization Act of 1989

  • § 91A-1   Short title
    This Chapter shall be known and may be cited as the Pawnbrokers Modernization Act of 1989. (1989, c. 638, s. 2.)
  • § 91A-2   Purpose
    The making of pawn loans and the acquisition and disposition of tangible personal property by and through pawnshops vitally affects the general economy of this...
  • § 91A-3   Definitions
    As used in this Article, the following definitions shall apply: (1) "Pawn" or "Pawn transaction" means a written bailment of personal property as security for...
  • § 91A-4   Pawnbroker authority
    A pawnbroker licensee is authorized to: (i) make loans on pledges of tangible personal property, (ii) deal in bullion stocks, (iii) purchase merchandise for resale...
  • § 91A-5   License required
    It is unlawful for any person, firm, or corporation to establish or conduct a business of pawnbroker unless such person, firm, or corporation has procured...
  • § 91A-6   Requirements for licensure
    (a) To be eligible for a pawnbroker's license, an applicant must: (1) Be of good moral character; and (2) Not have been convicted of a...
  • § 91A-7   Record keeping requirements
    (a) Every pawnbroker shall keep consecutively numbered records of each and every pawn transaction, which shall correspond in all essential particulars to a detachable pawn...
  • § 91A-8   Pawnbroker fees; interest rates
    No pawnbroker shall demand or receive an effective rate of interest greater than two percent (2%) per month, and no other charge of any description...
  • § 91A-9   Pawnbroker transactions
    In every pawn transaction: (1) The original pawn contract shall have a maturity date of not less than 30 days, provided that nothing herein shall...
  • § 91A-10   Prohibitions
    A pawnbroker shall not: (1) Accept a pledge from a person under the age of 18 years; (2) Make any agreement requiring the personal liability...
  • § 91A-11   Penalties
    (a) Every person, firm, or corporation, their guests or employees, who shall knowingly violate any of the provisions of this Chapter, shall, on conviction thereof,...
  • § 91A-12   Municipal or county authority
    All of the counties and cities as defined by G.S. 160A‑1 may by ordinance adopt the provisions of this Chapter and may adopt such further...
  • § 91A-13   License renewal
    Notwithstanding any provision of this Chapter to the contrary, any person, firm, or corporation licensed as a pawnbroker on or before October 1, 1989, shall...
  • § 91A-14   Bond
    Every person, firm, or corporation licensed under this Chapter shall, at the time of receiving the license, file with the city or county issuing the...