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IC 28-7-5
Chapter 5. Pawnbrokers
IC 28-7-5-1
Citation
Sec. 1. This chapter shall be known as the Pawnbroking Law.
(Formerly: Acts 1935, c.195, s.1.) As amended by P.L.263-1985,
SEC.182.
IC 28-7-5-2
Definitions
Sec. 2. In this chapter, unless the context otherwise requires:
"Director" refers to the director of the department.
"Pawn" means lending money on the deposit or pledge of personal
property, or purchasing personal property on the condition of selling
the property back again at a stipulated price, with the condition
indicated verbally, in a written agreement, or in any other form
indicating that the seller may repurchase the personal property sold.
For purposes of this chapter, "personal property" does not include
general intangibles, accounts (including deposit accounts), chattel
paper, commercial tort claims, documents, instruments, investment
property, letter-of-credit rights, letters of credit, money, or oil, gas,
or other minerals before extraction.
"Pawnbroker" means any person, partnership, association, limited
liability company, or corporation that engages in the pawn business.
"Pledge" means personal property deposited with a pawnbroker as
security for a loan.
"Pledger" means the person who delivers personal property into
the possession of a pawnbroker as security for a loan. However, if the
person delivering the personal property into the possession of the
pawnbroker discloses that the person is acting for another, "pledger"
means the disclosed principal.
"Department" means the department of financial institutions.
"Person" means any individual, limited liability company, sole
proprietorship, partnership, trust, joint venture, corporation,
unincorporated organization, or other form of entity, however
organized.
"Month" means a period extending from a given date in one (1)
calendar month to the like date in the succeeding calendar month or,
if there is no such like date, then to the last day of the succeeding
calendar month. For purposes of this chapter, each month is
considered to have thirty (30) days.
(Formerly: Acts 1935, c.195, s.2.) As amended by P.L.263-1985,
SEC.183; P.L.14-1992, SEC.131; P.L.42-1993, SEC.74;
P.L.258-2003, SEC.11; P.L.10-2006, SEC.38 and P.L.57-2006,
SEC.38; P.L.90-2008, SEC.47; P.L.137-2014, SEC.29.
IC 28-7-5-3
Necessity of license; misleading representations; territorial
application
Sec. 3. (a) Except as authorized by this chapter and unless a
license is first obtained from the department, a person shall not
engage in business as a pawnbroker, act as a pawnbroker, transact or
solicit business as a pawnbroker, or use in any advertisement,
signage, or electronic or printed material, or in the person's business
name, a phrase or statement that includes "pawn", "pawnbroker",
"pawn shop", "pawn loan", or any word or phrase that would
reasonably lead another person to conclude that the person is a
pawnbroker, is engaging in business as a pawnbroker, or is engaging
in conduct that would mislead or confuse a person into believing that
the person is a pawnbroker or is engaging in business as a
pawnbroker.
(b) A pawnbroking transaction occurs in Indiana and is subject to
the licensing requirements of this chapter and all other requirements
of this chapter if a consumer who is a resident of Indiana enters into
the pawnbroking transaction with a pawnbroker, or a person acting
on behalf of the pawnbroker, that is located:
(1) in Indiana; or
(2) outside Indiana if the pawnbroker or person acting on behalf
of the pawnbroker has advertised or solicited pawnbroking in
Indiana by any means, including by mail, brochure, telephone,
print, radio, television, the Internet, or electronic means.
A pawnbroking transaction does not occur in Indiana if a consumer
who is a resident of Indiana enters into the pawnbroking transaction
at a pawnbroker's place of business in another state.
(Formerly: Acts 1935, c.195, s.3.) As amended by P.L.263-1985,
SEC.184; P.L.14-1992, SEC.132; P.L.163-2001, SEC.1;
P.L.90-2008, SEC.48; P.L.216-2013, SEC.33.
IC 28-7-5-4
Application; business locations; other business conducted; criminal
history; evidence of compliance; criminal background checks
Sec. 4. (a) Application for a pawnbroker's license shall be
submitted on a form prescribed by the director and must include all
information required by the director. An application submitted under
this section must identify the location or locations at which the
applicant proposes to engage in business as a pawnbroker in Indiana.
If any business, other than the business of acting as a pawnbroker
under this chapter, will be conducted by the applicant or another
person at any location identified under this subsection, the applicant
shall indicate for each location at which another business will be
conducted:
(1) the nature of the other business;
(2) the name under which the other business operates;
(3) the address of the principal office of the other business;
(4) the name and address of the business's resident agent in
Indiana; and
(5) any other information the director may require.
(b) An application submitted under this section must indicate
whether any individual described in section 8(a)(2) or 8(a)(3) of this
chapter at the time of the application:
(1) is under indictment for a felony under the laws of Indiana or
any other jurisdiction; or
(2) has been convicted of a felony under the laws of Indiana or
any other jurisdiction.
(c) The director may request that the applicant provide evidence
of compliance with this section at:
(1) the time of application;
(2) the time of renewal of a license; or
(3) any other time considered necessary by the director.
(d) For purposes of subsection (c), evidence of compliance with
this section may include:
(1) criminal background checks, including a national criminal
history background check (as defined in IC 10-13-3-12) by the
Federal Bureau of Investigation for any individual described in
subsection (b);
(2) credit histories; and
(3) other background checks considered necessary by the
director.
If the director requests a national criminal history background check
under subdivision (1) for an individual described in that subdivision,
the director shall require the individual to submit fingerprints to the
department or to the state police department, as appropriate, at the
time evidence of compliance is requested under subsection (c). The
individual to whom the request is made shall pay any fees or costs
associated with the fingerprints and the national criminal history
background check. The national criminal history background check
may be used by the director to determine the individual's compliance
with this section. The director or the department may not release the
results of the national criminal history background check to any
private entity.
(Formerly: Acts 1935, c.195, s.4.) As amended by P.L.14-1992,
SEC.133; P.L.63-2001, SEC.18 and P.L.134-2001, SEC.20;
P.L.10-2006, SEC.39 and P.L.57-2006, SEC.39; P.L.213-2007,
SEC.70; P.L.217-2007, SEC.68; P.L.3-2008, SEC.223; P.L.90-2008,
SEC.49; P.L.1-2009, SEC.149; P.L.35-2010, SEC.170;
P.L.216-2013, SEC.34; P.L.137-2014, SEC.30.
IC 28-7-5-5
Initial and renewal applications; fees; financial statement; proof of
bond and insurance; standards; tax warrant list
Sec. 5. (a) The initial application and any renewal application shall
be accompanied by a fee fixed by the department under IC 28-11-3-5.
The initial application and any renewal application must include a
financial statement that:
(1) is prepared in accordance with standards adopted by the
director;
(2) indicates the applicant meets minimum financial
responsibility standards adopted by the director; and
(3) is prepared by a third party acceptable to the director.
(b) The initial application and any renewal application must be
accompanied by proof that the applicant:
(1) has executed a bond in accordance with section 5.5 of this
chapter and payable to the state, in an amount determined by the
director; and
(2) has obtained property and casualty insurance coverage, in an
amount determined by the director;
in accordance with standards adopted by the director.
(c) Any standards adopted by the director and described in
subsection (a)(1), (a)(2), or (b) must be made available:
(1) for public inspection and copying at the offices of the
department under IC 5-14-3; and
(2) electronically through the computer gateway administered
by the office of technology established by IC 4-13.1-2-1.
(d) If the department of state revenue notifies the department that
a person is on the most recent tax warrant list, the department shall
not issue or renew the person's license until:
(1) the person provides to the department a statement from the
department of state revenue that the person's tax warrant has
been satisfied; or
(2) the department receives a notice from the commissioner of
the department of state revenue under IC 6-8.1-8-2(k).
(Formerly: Acts 1935, c.195, s.5.) As amended by P.L.14-1992,
SEC.134; P.L.42-1993, SEC.75; P.L.45-1995, SEC.23; P.L.80-1998,
SEC.12; P.L.10-2006, SEC.40 and P.L.57-2006, SEC.40;
P.L.172-2011, SEC.133; P.L.216-2013, SEC.35.
IC 28-7-5-5.5
Surety bond; requirements; amount; termination; liability; notices
Sec. 5.5. (a) Each person engaged in the business of pawnbroking
in Indiana must be covered by a surety bond in accordance with this
section. The initial application and any renewal application for
licensure under this chapter must be accompanied by proof that the
applicant has executed a bond in accordance with this section.
(b) A surety bond issued under this section must:
(1) provide coverage for the licensee and the licensee's
employees and agents in an amount determined by the director;
(2) be in a form prescribed by the director;
(3) be in effect during the term of the license issued under this
chapter;
(4) remain in effect during the two (2) years after the licensee
ceases offering pawnbroking services to individuals in Indiana;
(5) be payable to the department for the benefit of:
(A) the state; and
(B) individuals who reside in Indiana when they agree to
receive pawnbroking services from the licensee;
(6) be issued by a bonding, surety, or insurance company
authorized to do business in Indiana and rated at least "A-" by
at least one (1) nationally recognized investment rating service;
and
(7) have payment conditioned upon the licensee's or any of the
licensee's employees' or agents' noncompliance with or violation
of this chapter or other applicable federal or state laws or
regulations.
(c) The director may adopt rules or guidance documents with
respect to the requirements for a surety bond as necessary to
accomplish the purposes of this chapter.
(d) If the principal amount of a surety bond required under this
section is reduced by payment of a claim or judgment, the licensee
for whom the bond is issued shall immediately notify the director of
the reduction and, not later than thirty (30) days after notice by the
director, file a new or an additional surety bond in an amount set by
the director. The amount of the new or additional bond set by the
director must be at least the amount of the bond before payment of
the claim or judgment.
(e) If for any reason a surety terminates a bond issued under this
section, the licensee shall immediately notify the department and file
a new surety bond in an amount determined by the director.
(f) Cancellation of a surety bond issued under this section does not
affect any liability incurred or accrued during the period when the
surety bond was in effect.
(g) The director may obtain satisfaction from a surety bond issued
under this section if the director incurs expenses, issues a final order,
or recovers a final judgment under this chapter.
(h) Notices required under this section must be in writing and
delivered by certified mail, return receipt requested and postage
prepaid, or by overnight delivery using a nationally recognized
carrier.
As added by P.L.216-2013, SEC.36.
IC 28-7-5-6
Repealed
(Repealed by P.L.14-1992, SEC.165.)
IC 28-7-5-7
Repealed
(Repealed by P.L.45-1995, SEC.33.)
IC 28-7-5-8
Issuance and duration of license; evidence of compliance; denial of
application; person not qualifying for license; replacement of
manager
Sec. 8. (a) Upon an applicant's filing of the application required by
section 4 of this chapter and payment of the license fee, if the
department finds the financial standing, competence, business
experience, and character of:
(1) the applicant, any employee of the applicant, and any
significant affiliate of the applicant;
(2) each director, executive officer, or manager of the applicant,
or any other individual having a similar status or performing a
similar function for the applicant; and
(3) if known, each person directly or indirectly owning of record
or owning beneficially at least ten percent (10%) of the
outstanding shares of any class of equity security of the
applicant;
are such that the business will be operated honestly, fairly, and
efficiently and that the convenience and needs of the public exist for
the operation of the business in the community wherein the applicant
proposes to operate, it shall issue and deliver a license to the
applicant, which license shall authorize the applicant to engage in the
business of pawnbroking.
(b) The director is entitled to request evidence of compliance with
the requirements of this section by the licensee, including any
affiliate or person described in subsection (a), at:
(1) the time of issuance of the license;
(2) the time of renewal of the license; or
(3) any other time considered necessary by the director.
A license shall remain in effect until it is surrendered, revoked, or
suspended. If the department denies the application, it shall notify the
applicant of the denial. The department may hold a public hearing if
the department considers the hearing necessary.
(c) The department may deny an application under this section if
the director determines that the application was submitted for the
benefit of, or on behalf of, a person who does not qualify for a
license.
(d) If a licensee replaces a manager, the licensee shall give the
department written notice of the replacement not later than thirty (30)
days after engaging another person to serve as manager.
(Formerly: Acts 1935, c.195, s.8.) As amended by P.L.263-1985,
SEC.186; P.L.14-1992, SEC.136; P.L.45-1995, SEC.24;
P.L.80-1998, SEC.13; P.L.10-2006, SEC.41 and P.L.57-2006,
SEC.41; P.L.90-2008, SEC.50; P.L.35-2010, SEC.171; P.L.89-2011,
SEC.50.
IC 28-7-5-9
License not transferable or assignable; multiple business locations
Sec. 9. Except in a transaction approved under section 9.1 of this
chapter, a license shall not be transferable or assignable. More than
one (1) place of business may be maintained under the same license.
(Formerly: Acts 1935, c.195, s.9.) As amended by P.L.263-1985,
SEC.187; P.L.14-1992, SEC.137; P.L.45-1995, SEC.25;
P.L.89-2011, SEC.51.
IC 28-7-5-9.1
Change in control of licensee; application to department;
timeframe for department's decision; conditions for approval; duty
of licensee to report transfer of securities; director's discretion to
require new license
Sec. 9.1. (a) As used in this section, "control" means possession
of the power directly or indirectly to:
(1) direct or cause the direction of the management or policies
of a licensee, whether through the beneficial ownership of
voting securities, by contract, or otherwise; or
(2) vote at least twenty-five percent (25%) of the voting
securities of a licensee, whether the voting rights are derived
through the beneficial ownership of voting securities, by
contract, or otherwise.
(b) An organization or an individual acting directly, indirectly, or
through or in concert with one (1) or more other organizations or
individuals may not acquire control of any licensee unless the
department has received and approved an application for change in
control. The department has not more than one hundred twenty (120)
days after receipt of an application to issue a notice approving the
proposed change in control. The application must contain the name
and address of the organization, individual, or individuals who
propose to acquire control and any other information required by the
director.
(c) The period for approval under subsection (b) may be extended:
(1) in the discretion of the director for an additional thirty (30)
days; and
(2) not more than two (2) additional times for not more than
forty-five (45) days each time if:
(A) the director determines that the organization, individual,
or individuals who propose to acquire control have not
submitted substantial evidence of the qualifications described
in subsection (d);
(B) the director determines that any material information
submitted is substantially inaccurate; or
(C) the director has been unable to complete the investigation
of the organization, individual, or individuals who propose
to acquire control because of any delay caused by or the
inadequate cooperation of the organization, individual, or
individuals.
(d) The department shall issue a notice approving the application
only after it is satisfied that both of the following apply:
(1) The organization, individual, or individuals who propose to
acquire control are qualified by competence, experience,
character, and financial responsibility to control and operate the
licensee in a legal and proper manner.
(2) The interests of the owners and creditors of the licensee and
the interests of the public generally will not be jeopardized by
the proposed change in control.
(e) The director may determine, in the director's discretion, that
subsection (b) does not apply to a transaction if the director
determines that the direct or beneficial ownership of the licensee will
not change as a result of the transaction.
(f) The president or other chief executive officer of a licensee shall
report to the director any transfer or sale of securities of the licensee
that results in direct or indirect ownership by a holder or an affiliated
group of holders of at least ten percent (10%) of the outstanding
securities of the licensee. The report required by this subsection must
be made not later than ten (10) days after the transfer of the securities
on the books of the licensee.
(g) Depending on the circumstances of the transaction, the director
may reserve the right to require the organization, individual, or
individuals who propose to acquire control of a licensee to apply for
a new license under section 4 of this chapter, instead of acquiring
control of the licensee under this section.
As added by P.L.89-2011, SEC.52. Amended by P.L.6-2012,
SEC.197.
IC 28-7-5-10
Relocation or addition of business location; notice and request for
approval
Sec. 10. Whenever a licensee:
(1) changes its place of business to another location; or
(2) adds one (1) or more business locations;
the licensee shall give written notice to the department. Not later than
thirty (30) days before the relocation or addition of one (1) or more
business locations under this section, the licensee shall request
approval in a form prescribed by the director to add or change one (1)
or more business locations.
(Formerly: Acts 1935, c.195, s.10.) As amended by P.L.14-1992,
SEC.138; P.L.45-1995, SEC.26; P.L.10-2006, SEC.42 and
P.L.57-2006, SEC.42.
IC 28-7-5-10.1
Ceasing business as a pawnbroker; requirements; appointment of
liquidating agent; two month redemption period; partial payments
by pledgers
Sec. 10.1. (a) A licensee that decides to cease engaging in business
as a pawnbroker in Indiana shall do the following not later than thirty
(30) days before closing the licensee's pawnbroking business:
(1) Notify the department of:
(A) the licensee's intention to cease engaging in business as
a pawnbroker in Indiana; and
(B) the date on which the licensee's pawnbroking business
will cease.
(2) Surrender the license to the department.
(3) Provide the following to all pledgers that have loans
outstanding with the licensee:
(A) Notice of:
(i) the licensee's intention to cease engaging in business as
a pawnbroker in Indiana; and
(ii) the date on which the licensee's pawnbroking business
will cease.
(B) Instructions, approved by the director, on how pledged
articles may be redeemed before the date identified under
clause (A)(ii).
(b) If:
(1) a licensee ceases engaging in business as a pawnbroker in
Indiana without complying with subsection (a); and
(2) the director determines that it is in the public interest that the
department oversees the liquidation of the licensee's business;
the director may appoint a liquidating agent to conclude the affairs of
the licensee's pawnbroker business in Indiana. The department may
use the proceeds of the licensee's bond under section 5.5 of this
chapter to pay the expenses of the liquidation.
(c) If:
(1) a license is revoked under section 13 of this chapter and the
director determines that it is not in the best interests of the
public for the licensee to liquidate the business; or
(2) the director otherwise determines that it is in the best
interests of the public;
the director may appoint a liquidating agent to conclude the affairs of
the licensee's pawnbroker business in Indiana. The department may
use the proceeds of the licensee's bond under section 5.5 of this
chapter to pay the expenses of liquidation.
(d) If a pawnbroker gives notice to the department under
subsection (a) that the pawnbroker intends to cease engaging in
business as a pawnbroker in Indiana, the pawnbroker may accept
during the two (2) months immediately following the maturity of a
loan that the pawnbroker has made to any pledger, as described in
section 30(a) of this chapter, partial payments from the pledger for
the loan. A partial payment made under this subsection must be
applied to the loan's principal and used to reduce the pledger's loan
obligation. Acceptance of partial payments under this subsection does
not require the pawnbroker to extend the two (2) month period
described in section 30(a) of this chapter with respect to any loan.
As added by P.L.213-2007, SEC.71; P.L.217-2007, SEC.69.
Amended by P.L.90-2008, SEC.51; P.L.35-2010, SEC.172;
P.L.216-2013, SEC.37.
IC 28-7-5-10.5
Other business conducted at pawnbrokering locations; notice to
department
Sec. 10.5. (a) This section applies if, after a person has been issued
a license or renewal license under this chapter, any of the following
apply:
(1) Any business, other than the business of acting as a
pawnbroker under this chapter, will be conducted by the
licensee or another person at any location in Indiana in which
the licensee conducts the business of acting as a pawnbroker
under this chapter.
(2) Any information concerning other business conducted at the
locations identified in the licensee's application under section
4(a) of this chapter changes.
(b) For each location described in subsection (a)(1) or (a)(2), the
licensee shall provide to the department the information required
under section 4(a) of this chapter with respect to that location:
(1) not later than fifteen (15) days after the other business
begins operating at the location; or
(2) if the licensee's next license renewal fee under section 11 of
this chapter is due before the date described in subdivision (1),
along with the licensee's next license renewal fee under section
11 of this chapter.
As added by P.L.10-2006, SEC.43 and P.L.57-2006, SEC.43.
IC 28-7-5-10.6
Felony convictions or pleas; notice to department
Sec. 10.6. (a) This section applies if, after a person has been issued
a license or renewal license under this chapter, any individual
described in section 8(a)(2) or 8(a)(3) of this chapter has been
convicted of or pleaded guilty or nolo contendere to a felony under
the laws of Indiana or any other jurisdiction.
(b) If this section applies, the licensee shall provide to the
department the information required under section 4(b) of this
chapter:
(1) not later than thirty (30) days after the licensee or any
individual described in section 8(a)(2) or 8(a)(3) of this chapter
has been convicted of or pleaded guilty or nolo contendere to
the felony; or
(2) if the licensee's next license renewal fee under section 11 of
this chapter is due before the date described in subdivision (1),
along with the licensee's next license renewal fee under section
11 of this chapter.
As added by P.L.213-2007, SEC.72; P.L.217-2007, SEC.70.
Amended by P.L.90-2008, SEC.52; P.L.35-2010, SEC.173.
IC 28-7-5-11
License renewal; application; fees
Sec. 11. (a) To remain in force, a license must be renewed before
June 1 of each year, beginning with the year following the date of
issuance. A licensee may renew a license issued under this chapter by
filing a renewal application prescribed by the director. The
department shall prescribe the form of the renewal application. To be
accepted for processing, a renewal application must be accompanied
by:
(1) the license renewal fee fixed by the department under
IC 28-11-3-5; and
(2) all other information and documents requested by the
director.
(b) The department may fix a daily late fee under IC 28-11-3-5 for
a:
(1) renewal application; or
(2) license renewal fee;
that is received by the department after June 1.
(Formerly: Acts 1935, c.195, s.11.) As amended by P.L.263-1985,
SEC.188; P.L.14-1992, SEC.139; P.L.42-1993, SEC.76;
P.L.45-1995, SEC.27; P.L.35-2010, SEC.174; P.L.89-2011, SEC.53.
IC 28-7-5-12
Repealed
(Repealed by P.L.14-1992, SEC.165.)
IC 28-7-5-13
Suspension or revocation of license; order to show cause; order of
suspension or revocation; surrender of license; existing obligations;
emergency order for revocation
Sec. 13. (a) The department may issue to a licensee an order to
show cause why the licensee's license should not be revoked or
suspended for a period determined by the department.
(b) An order issued under subsection (a) must:
(1) include:
(A) a statement of the place, date, and time for a meeting
with the department, which date may not be less than ten
(10) days from the date of the order;
(B) a description of the action contemplated by the
department; and
(C) a statement of the facts or conduct supporting the
issuance of the order; and
(2) be accompanied by a notice stating that the licensee is
entitled to:
(A) a reasonable opportunity to be heard; and
(B) show the licensee's compliance with all lawful
requirements for retention of the license;
at the meeting described in subdivision (1)(A).
(c) After the meeting described in subsection (b)(1)(A), the
department may revoke or suspend the license if the department finds
that:
(1) the licensee has repeatedly and willfully violated:
(A) this chapter or any rule, order, or guidance document
adopted or issued by the department; or
(B) any other state or federal law, regulation, or rule
applicable to the business of a pawnbroker;
(2) the licensee does not meet the licensing qualifications set
forth in this chapter;
(3) the licensee obtained the license for the benefit of, or on
behalf of, a person who does not qualify for the license;
(4) the licensee knowingly or intentionally made material
misrepresentations to, or concealed material information from,
the department; or
(5) facts or conditions exist that, had they existed at the time the
licensee applied for the license, would have been grounds for
the department to deny the issuance of the license.
(d) Whenever the department revokes or suspends a license, the
department shall enter an order to that effect and notify the licensee
of:
(1) the revocation or suspension;
(2) if a suspension has been ordered, the duration of the
suspension;
(3) the procedure for appealing the revocation or suspension
under IC 4-21.5-3-5; and
(4) any other terms and conditions that apply to the revocation
or suspension.
Not later than five (5) days after the entry of the order, the
department shall deliver to the licensee a copy of the order and the
findings supporting the order.
(e) Any person holding a license to operate as a pawnbroker may
surrender the license by complying with section 10.1 of this chapter.
However, a surrender of a license under section 10.1 of this chapter
does not affect the person's liability for acts previously committed
and coming within the scope of this chapter.
(f) If the director determines it to be in the public interest, the
director may pursue the revocation of a license of a licensee that has
surrendered the license under section 10.1 of this chapter.
(g) If a person's license is revoked, suspended, or surrendered, the
revocation, suspension, or surrender does not impair or affect any
obligation owed by any person under any existing contract, pledge,
or pawn ticket.
(h) If the director of the department has just cause to believe an
emergency exists from which it is necessary to protect the interests
of the public, the director may proceed with the revocation of a
license through an emergency or another temporary order under
IC 4-21.5-4.
(Formerly: Acts 1935, c.195, s.13.) As amended by P.L.263-1985,
SEC.190; P.L.14-1992, SEC.140; P.L.45-1995, SEC.28;
P.L.176-1996, SEC.22; P.L.80-1998, SEC.14; P.L.27-2012, SEC.95.
IC 28-7-5-13.1
Failure to file renewal form or pay renewal fee; revocation or
suspension of license
Sec. 13.1. (a) A license issued by the department under this
chapter may be revoked or suspended by the department if the
licensee fails to:
(1) file any renewal form required by the department; or
(2) pay any license renewal fee described under section 11 of
this chapter;
not later than sixty (60) days after the due date.
(b) A person whose license is revoked or suspended under this
section may:
(1) pay all delinquent fees and apply for reinstatement of the
person's license; or
(2) appeal the revocation or suspension to the department for an
administrative review under IC 4-21.5-3.
Pending the decision resulting from a hearing under IC 4-21.5-3
concerning a license revocation or suspension, the license remains in
force.
As added by P.L.176-1996, SEC.23. Amended by P.L.10-2006,
SEC.44 and P.L.57-2006, SEC.44; P.L.89-2011, SEC.54.
IC 28-7-5-14
Repealed
(Repealed by P.L.27-2012, SEC.96.)
IC 28-7-5-15
Investigatory and enforcement authority; costs of investigation;
voided loans
Sec. 15. (a) For the purpose of discovering violations of this
chapter and securing information necessary for the enforcement of
this chapter, the department may investigate:
(1) any licensee; or
(2) any person that it suspects to be operating without a license
or in violation of this chapter.
The department has all investigatory and enforcement authority under
IC 28-11 for financial institutions. If the department conducts an
investigation under this section, the licensee or person investigated
shall pay all reasonably incurred costs of the investigation in
accordance with the fee schedule adopted under IC 28-11-3-5.
(b) If a person knowingly makes a pawn loan without the license
required by section 3 of this chapter, the loan made in violation of
this chapter is void and the debtor is not obligated to pay the principal
amount of the loan, any finance charge on the loan, or any additional
fee under section 28.5 of this chapter. The debtor, or the department
on behalf of the debtor, may recover any amount paid to the person
who knowingly violated section 3 of this chapter.
(Formerly: Acts 1935, c.195, s.15.) As amended by P.L.263-1985,
SEC.191; P.L.14-1992, SEC.141; P.L.42-1993, SEC.77;
P.L.172-1997, SEC.19; P.L.10-2006, SEC.45 and P.L.57-2006,
SEC.45.
IC 28-7-5-15.1
Applicability of law governing administrative orders and
procedures; venue
Sec. 15.1. Except as otherwise provided, IC 4-21.5 applies to and
governs all agency action taken by the department under this chapter.
A proceeding for administrative review under IC 4-21.5-3 or judicial
review under IC 4-21.5-5 must be held in Marion County.
As added by P.L.35-2010, SEC.175.
IC 28-7-5-16
Books, accounts, and records; examination and costs; bills of sale;
purchase of precious metal; record of control; examination of
vendors
Sec. 16. (a) The licensee shall keep and use in the licensee's
business such books, accounts, and records as will enable the
department to determine whether the licensee is complying with this
chapter and with the rules adopted by the department under this
chapter. Every licensee shall preserve such books, accounts, and
records, including cards used in the card system for at least two (2)
years after making the final entry on any loan recorded therein. The
books and records of the licensee shall be kept so that the
pawnbroking business transacted in Indiana may be readily separated
and distinguished from the business of the licensee transacted
elsewhere and from any other business in which the licensee may be
engaged. To determine whether the licensee is complying with this
chapter and with rules adopted by the department under this chapter,
the department may examine the books, accounts, and records
required to be kept by the licensee under this subsection. If the
department examines the books, accounts, and records of the licensee
under this subsection, the licensee shall pay all reasonably incurred
costs of the examination in accordance with the fee schedule adopted
under IC 28-11-3-5. A fee established by the department under
IC 28-11-3-5 may be charged for each day a fee under this subsection
is delinquent.
(b) If a pawnbroker, in the conduct of the business, purchases an
article from a seller, the purchase shall be evidenced by a bill of sale
properly signed by the seller. All bills of sale must be in duplicate
and must recite the following separate items:
(1) Date of bill of sale.
(2) Amount of consideration.
(3) Name of pawnbroker.
(4) Description of each article sold. However, if multiple articles
of a similar nature that do not contain an identification or serial
number (such as precious metals, gemstones, musical
recordings, video recordings, books, or hand tools) are delivered
together in one (1) transaction, the description of the articles is
adequate if the description contains the quantity of the articles
delivered and a physical description of the type of articles
delivered, including any other unique identifying marks,
numbers, names, letters, or special features.
(5) Signature of seller.
(6) Address of seller.
(7) Date of birth of the seller.
(8) The type of government issued identification used to verify
the identity of the seller, together with the name of the
governmental agency that issued the identification, and the
identification number present on the government issued
identification.
(c) The original copy of the bill of sale shall be retained by the
pawnbroker. The second copy shall be delivered to the seller by the
pawnbroker at the time of sale. The heading on all bill of sale forms
must be in boldface type.
(d) If a pawnbroker, in the conduct of the business, purchases
precious metal (as defined in IC 24-4-19-6) from a seller, the
pawnbroker shall, for at least ten (10) calendar days after the date the
pawnbroker purchases the precious metal, retain the precious metal:
(1) at the pawnbroker's permanent place of business where the
pawnbroker purchased the precious metal; and
(2) separate from other precious metal.
(e) Each licensee shall maintain a record of control indicating the
number of accounts and dollar value of all outstanding pawnbroking
receivables.
(f) If a licensee contracts with an outside vendor to provide a
service that would otherwise be undertaken internally by the licensee
and be subject to the department's routine examination procedures,
the person that provides the service to the licensee shall, at the
request of the director, submit to an examination by the department.
If the director determines that an examination under this subsection
is necessary or desirable, the examination may be made at the
expense of the person to be examined. If the person to be examined
under this subsection refuses to permit the examination to be made,
the director may order any licensee that receives services from the
person refusing the examination to:
(1) discontinue receiving one (1) or more services from the
person; or
(2) otherwise cease conducting business with the person.
(Formerly: Acts 1935, c.195, s.16.) As amended by P.L.263-1985,
SEC.192; P.L.14-1992, SEC.142; P.L.42-1993, SEC.78;
P.L.80-1998, SEC.15; P.L.163-2001, SEC.2; P.L.10-2006, SEC.46
and P.L.57-2006, SEC.46; P.L.35-2010, SEC.176; P.L.27-2012,
SEC.97; P.L.222-2013, SEC.7; P.L.137-2014, SEC.31.
IC 28-7-5-17
Report; late fee
Sec. 17. Each licensee shall file a report as requested by the
director, but not more frequently than annually, giving any relevant
information the department may reasonably require concerning the
business and operations of each licensed place of business conducted
by the licensee within the state. The report must be in the form
prescribed by the director. The department may impose a fee
established under IC 28-11-3-5 for each day the report is delinquent.
(Formerly: Acts 1935, c.195, s.17.) As amended by P.L.14-1992,
SEC.143; P.L.45-1995, SEC.29; P.L.172-1997, SEC.20;
P.L.90-2008, SEC.53.
IC 28-7-5-18
Repealed
(Repealed by P.L.14-1992, SEC.165.)
IC 28-7-5-19
Loan record requisites; data recording methods
Sec. 19. (a) Every pawnbroker shall keep a record in ink that must
include the following:
(1) The name, date of birth, and address of the pledger, or where
the pledge is made by a person acting as agent for a disclosed
principal, the names, dates of birth, and addresses of principal
and agent.
(2) The date of the transaction.
(3) The amount of the loan.
(4) The article or articles pledged, and a description of the
articles. However, if multiple articles of a similar nature that do
not contain an identification or serial number (such as precious
metals, gemstones, musical recordings, video recordings, books,
or hand tools) are delivered together in one (1) transaction, the
description of the articles is adequate if the description contains
the quantity of the articles delivered and a physical description
of the type of articles delivered, including any other unique
identifying marks, numbers, names, letters, or special features.
(5) The serial number of the loan.
(6) The date on which each loan was paid in full, renewed, or
unredeemed.
(7) An itemization of principal, interest, and additional fees
collected.
(8) An itemization of fees authorized under IC 28-7-5-25.
(9) The total of all charges collected.
(10) The type of government issued identification used to verify
the identity of the seller, together with the name of the
governmental agency that issued the identification, and the
identification number present on the government issued
identification.
(b) Other methods of recording data, such as electronic or
computerized methods, may be used provided written printouts or
hard copies of the required data are readily available. The record
keeping system of a licensee shall be made available in Indiana for
examination. The department shall determine the sufficiency of the
records and whether the licensee has made the required information
reasonably available.
(Formerly: Acts 1935, c.195, s.19.) As amended by P.L.14-1992,
SEC.144; P.L.42-1993, SEC.79; P.L.80-1998, SEC.16;
P.L.163-2001, SEC.3.
IC 28-7-5-20
Signature, fingerprint, and identification of pledger
Sec. 20. The pawnbroker shall at the time of making a loan or
purchase require the signature and right thumbprint of the pledger on
all pawn tickets, bills of sale, or ledger cards retained by the licensee.
If the person is unable to write, the person shall sign by mark. In such
event, the pawnbroker shall record on the signature card such
information as will enable the pawnbroker to identify the person in
case of the loss of the ticket. If the person does not have a right
thumb, any other existing finger may be used. However, a clear print
must be obtained.
(Formerly: Acts 1935, c.195, s.20.) As amended by P.L.263-1985,
SEC.193; P.L.14-1992, SEC.145; P.L.45-1995, SEC.30.
IC 28-7-5-21
Pawn ticket
Sec. 21. (a) The pawnbroker shall, at the time of making a loan,
deliver to the pledger or the pledger's agent a memorandum or ticket
on which shall be legibly written or printed the following
information:
(1) The name of the pledger.
(2) The name of the pawnbroker and the place where the pledge
is made.
(3) The article or articles pledged, and a description of the
articles. However, if multiple articles of a similar nature that do
not contain an identification or serial number (such as precious
metals, gemstones, musical recordings, video recordings, books,
or hand tools) are delivered together in one (1) transaction, the
description of the articles is adequate if the description contains
the quantity of the articles delivered and a physical description
of the type of articles delivered, including any other unique
identifying marks, numbers, names, letters, or special features.
(4) The amount of the loan.
(5) The date of the transaction.
(6) The serial number of the loan.
(7) The sum of the interest as provided in section 28 of this
chapter and the charge as provided in section 28.5 of this
chapter stated as an annual percentage rate computed in
accordance with regulations issued by the Federal Reserve
Board under the Federal Consumer Credit Protection Act (as
defined in IC 24-4.5-1-302).
(8) The amount of interest.
(9) The amount of charge and principal due at maturity.
(10) A copy of sections 28, 28.5, and 30 of this chapter.
(11) The date of birth of the pledger.
(12) The type of government issued identification used to verify
the identity of the pledger, together with the name of the
governmental agency that issued the identification, and the
identification number present on the government issued
identification.
(13) The last date on which the pledged article or articles may
be redeemed before the article or articles may be sold if the loan
is not redeemed, renewed, or extended. The language setting
forth the information described in this subdivision must be in 14
point boldface type.
(14) A statement that:
(A) notifies the pledger that the pawnbroking transaction is
regulated by the department; and
(B) includes a toll free telephone number for the department.
(b) A pawnbroker may insert in such ticket any other terms and
conditions not inconsistent with this chapter. However, nothing
appearing on a pawn ticket shall relieve the pawnbroker of the
obligations to exercise reasonable care in the safekeeping of articles
pledged with the pawnbroker.
(Formerly: Acts 1935, c.195, s.21.) As amended by P.L.263-1985,
SEC.194; P.L.14-1992, SEC.146; P.L.45-1995, SEC.31;
P.L.80-1998, SEC.17; P.L.163-2001, SEC.4; P.L.10-2006, SEC.47
and P.L.57-2006, SEC.47; P.L.213-2007, SEC.73; P.L.217-2007,
SEC.71.
IC 28-7-5-21.5
Required disclosure of information
Sec. 21.5. A pawnbroker is required to disclose to a debtor in a
pawn transaction the information required by the Federal Reserve
Board under the Federal Consumer Credit Protection Act, 15 U.S.C.
1601 et seq., and its implementing regulations.
As added by P.L.172-1997, SEC.21. Amended by P.L.80-1998,
SEC.18.
IC 28-7-5-22
Presumptive right of ticket holder to redeem; compliance with local
ordinance or law concerning pledge retention
Sec. 22. (a) The holder of a ticket described in section 21 of this
chapter shall be presumed to be the person entitled to redeem the
pledge, and, except as provided in subsection (b), the pawnbroker
shall deliver the pledge to the person presenting the ticket, upon
payment of principal, interest and charge.
(b) If a local ordinance or other law requires the retention of the
pledge for a specific period of time, the pawnbroker shall comply
with the local ordinance or other law if the retention period does not
exceed ten (10) days.
(Formerly: Acts 1935, c.195, s.22.) As amended by P.L.14-1992,
SEC.147; P.L.35-2010, SEC.177.
IC 28-7-5-23
Redemption by mail; compliance with local ordinance or law
concerning pledge retention
Sec. 23. (a) Except as provided in subsection (b), when a ticket,
instead of being presented in person, is sent to the pawnbroker by
mail, accompanied with a money order for the total amount due and
a reasonable fee for shipping and handling, the pawnbroker may
securely pack and forward the pledge to the pledger in accordance
with the remitter's instructions. If the remittance is insufficient to
cover the amount due, the pawnbroker shall either notify the remitter
of the amount of the deficiency or send the pledge subject to the
payment of shipping charges by the consignee. The pawnbroker's
liability for the pledge shall cease upon delivery of the pledge to the
carrier or his agent.
(b) If a local ordinance or other law requires the retention of the
pledge for a specific period, the pawnbroker shall comply with the
local ordinance or other law if the retention period does not exceed
ten (10) days.
(Formerly: Acts 1935, c.195, s.23.) As amended by P.L.14-1992,
SEC.148; P.L.35-2010, SEC.178.
IC 28-7-5-24
Partial payment before maturity
Sec. 24. Upon presentation of the pawn ticket prior to maturity
and the payment of accrued interest and charge and the tender of not
less than one dollar ($1.00) of the principal balance, the pawnbroker
shall accept the same, showing due credit of principal payment on
pawn ticket, together with the amount of unpaid principal balance, or
issue a new ticket for the reduced amount. Future interest charges and
charge shall be computed on the unpaid principal balance.
(Formerly: Acts 1935, c.195, s.24.)
IC 28-7-5-25
Loss, destruction, or theft of pawn ticket
Sec. 25. If a ticket is lost, destroyed, or stolen, the pledger shall so
notify the pawnbroker in writing. Before delivering the collateral or
issuing a new ticket, the pawnbroker shall require the pledger to
make affidavit of the alleged loss, destruction, or theft of the ticket.
Upon receipt of such affidavit, the pawnbroker shall permit the
pledger either to redeem the loan or to receive a new ticket upon the
payment of accrued interest and charges, and the pawnbroker shall
incur no liability for so doing, unless the pawnbroker had previously
received written notice of any adverse claim. The pawnbroker may
collect a fee of three dollars ($3) for reissuing the pawn ticket or
affecting the affidavit along with the current lawful charge for notary
fee.
(Formerly: Acts 1935, c.195, s.25.) As amended by P.L.14-1992,
SEC.149.
IC 28-7-5-26
Alteration of pawn ticket; effect
Sec. 26. The alteration of a ticket shall not excuse the pawnbroker
who issued it from liability to deliver the pledge according to the
terms of the ticket as originally issued, but shall relieve the
pawnbroker of any other liability to the pledger or holder of the
ticket.
(Formerly: Acts 1935, c.195, s.25a.) As amended by P.L.14-1992,
SEC.150.
IC 28-7-5-27
Repealed
(Repealed by P.L.14-1992, SEC.165.)
IC 28-7-5-28
Rate of interest; calculation for partial month; minimum term;
reduction in advance; penalty for excessive or unauthorized
interest or charges
Sec. 28. (a) The maximum rate of interest charged by pawnbrokers
shall be the same as the maximum loan finance charge for supervised
lenders under IC 24-4.5-3-508(2). For purposes of this subsection:
(1) the term of a loan commences on the date on which the loan
is made;
(2) differences in lengths of months are disregarded; and
(3) each day is counted as one-thirtieth (1/30) of a month.
The minimum term of a loan made by a pawnbroker is one (1) month.
However, on loans paid in full within the first month, the pawnbroker
may charge one (1) month's interest.
(b) Interest shall not be deducted in advance, neither shall the
pawnbroker induce or permit any borrower to split up or divide any
loan or loans for the purpose of evading any provisions of this
chapter.
(c) If a pawnbroker charges or receives interest in excess of that
provided in this section, or makes any charges not authorized by this
chapter, the pawnbroker shall forfeit principal and interest and return
the pledge upon demand of the pledger and surrender of the pawn
ticket without the principal or interest. If such excessive or
unauthorized charges have been paid by the pledger, the pledger may
recover the same, including the principal if paid, in a civil action
against the pawnbroker.
(Formerly: Acts 1935, c.195, s.27; Acts 1969, c.287, s.1; Acts 1971,
P.L.402, SEC.1.) As amended by Acts 1981, P.L.259, SEC.1;
P.L.272-1983, SEC.1; P.L.14-1992, SEC.151; P.L.42-1993, SEC.80;
P.L.258-2003, SEC.12.
IC 28-7-5-28.5
Additional charge; servicing fee
Sec. 28.5. (a) Except as provided in subsection (b), in addition to
the loan finance charge authorized by section 28 of this chapter, a
pawnbroker may charge, contract for, and receive a fee not to exceed
one-fifth (1/5) of the principal amount of the loan per month or any
fractional part of a month for servicing the pledge that may include
investigating the title, storing, providing security, appraisal, handling,
making daily reports to local law enforcement officers, and for other
expenses and costs associated with servicing the pledge. The fee for
each month after the second month of the loan transaction is limited
to one-thirtieth (1/30) of the monthly fee for each day the loan is
outstanding. Such a charge when made and collected is not interest
and is not a rate under IC 35-45-7-1.
(b) If a loan is renewed or extended, the monthly fee authorized by
subsection (a) accrues at a rate of one-thirtieth (1/30) of the monthly
fee each day:
(1) beginning upon the expiration of two (2) months after the
original date of the loan; and
(2) continuing through and including the day a pledger redeems
the pledge.
As added by P.L.14-1992, SEC.152. Amended by P.L.42-1993,
SEC.81; P.L.63-2001, SEC.19; P.L.134-2001, SEC.21; and
P.L.163-2001, SEC.5; P.L.258-2003, SEC.13.
IC 28-7-5-29
Liability for loss to pledger; due care
Sec. 29. A pawnbroker shall be liable for the loss of a pledge
resulting from the pawnbroker's failure to exercise reasonable care in
regard to it, but the pawnbroker shall not be liable for the loss of a
pledge which could not have been avoided by the exercise of
reasonable care. The burden of proof to establish due care shall be
upon the pawnbroker.
(Formerly: Acts 1935, c.195, s.28.) As amended by P.L.14-1992,
SEC.153.
IC 28-7-5-29.5
Waiver of rights not permitted
Sec. 29.5. A debtor may not waive or agree to forego any rights or
benefits under this chapter.
As added by P.L.172-1997, SEC.22.
IC 28-7-5-30
Two month redemption period; public access prohibited;
unredeemed property subject to sale
Sec. 30. (a) Subject to subsections (b) and (c), upon the expiration
of two (2) months from the maturity of the loan, a pawned article
becomes the property of the pawnbroker and is subject to sale.
(b) Subsection (a) applies only if the pledger is given a reasonable
opportunity during:
(1) the term of the loan; and
(2) the two (2) month period described in subsection (a);
to repay the loan and redeem the pawned article.
(c) During the term of the loan and the two (2) month period
described in subsection (a), the pawnbroker may not allow the public
to have access to the pawned article.
(Formerly: Acts 1935, c.195, s.29.) As amended by P.L.271-1985,
SEC.1; P.L.14-1992, SEC.154; P.L.80-1998, SEC.19; P.L.163-2001,
SEC.6; P.L.258-2003, SEC.14; P.L.10-2006, SEC.48 and
P.L.57-2006, SEC.48; P.L.213-2007, SEC.74; P.L.217-2007,
SEC.72; P.L.27-2012, SEC.98; P.L.216-2013, SEC.38.
IC 28-7-5-31
Repealed
(Repealed by P.L.14-1992, SEC.165.)
IC 28-7-5-32
Repealed
(Repealed by P.L.14-1992, SEC.165.)
IC 28-7-5-33
Lien
Sec. 33. A pawnbroker has a first lien on all pledges for the
amount of his loan, interest, and charges except:
(1) when the property that constitutes the pledge is stolen (IC
35-43-4-2) or converted (IC 35-43-4-3) property; or
(2) where a prior lien exists under another statute.
(Formerly: Acts 1935, c.195, s.32.) As amended by P.L.272-1983,
SEC.2.
IC 28-7-5-34
Delivery of pledge; necessity of surrender of pawn ticket
Sec. 34. A pawnbroker shall not be required to deliver a pledge
except upon surrender of the ticket, unless the ticket be impounded
or its negotiation enjoined by a court.
(Formerly: Acts 1935, c.195, s.33.) As amended by P.L.263-1985,
SEC.195; P.L.14-1992, SEC.155.
IC 28-7-5-35
Conflicting claims; sale of pledge subject to adjudication
Sec. 35. If more than one (1) person shall claim the right to
redeem a pledge, the pawnbroker shall incur no liability for refusing
to deliver the pledge until the respective rights of the claimants shall
have been adjudicated. If no action be brought against the
pawnbroker by either party within the period for which the
pawnbroker is required under section 30 of this chapter to hold the
pledge, or within one (1) month after notice of an adverse claim, the
pawnbroker may proceed to sell the pledge subject to adjudication of
the parties' rights.
(Formerly: Acts 1935, c.195, s.34.) As amended by P.L.263-1985,
SEC.196; P.L.14-1992, SEC.156; P.L.258-2003, SEC.15.
IC 28-7-5-36
Unlawful transactions
Sec. 36. (a) No pawnbroker shall:
(1) receive any pledge or make a purchase from a person under
eighteen (18) years of age; or
(2) receive any pledge or make a purchase of property that the
pawnbroker believes or should have reason to believe is stolen
property acquired as a result of a crime.
(b) No pawnbroker shall purchase personal property or any other
thing of value agreeing to sell the same back to the seller at a price
other than the original purchase price, at a total charge, rate of
interest, discount, or other remuneration in excess of the rate
chargeable under sections 28 and 28.5 of this chapter.
(c) If a pawnbroker purchases personal property or any other thing
of value agreeing to sell the same back to the seller at a price other
than the original purchase price, section 30 of this chapter applies.
(Formerly: Acts 1935, c.195, s.35; Acts 1973, P.L.264, SEC.4.) As
amended by P.L.17-1985, SEC.22; P.L.14-1992, SEC.157;
P.L.42-1993, SEC.82; P.L.45-1995, SEC.32.
IC 28-7-5-37
Violations
Sec. 37. A person who violates this chapter commits a Class A
misdemeanor.
(Formerly: Acts 1935, c.195, s.36.) As amended by Acts 1978, P.L.2,
SEC.2821; P.L.14-1992, SEC.158; P.L.42-1993, SEC.83.
IC 28-7-5-37.5
Compliance with money laundering laws; investigation and
enforcement by the department
Sec. 37.5. (a) A licensee shall comply with all state and federal
money laundering statutes and regulations, including the following
as they become applicable to licensees under this chapter:
(1) The Bank Secrecy Act (31 U.S.C. 5311 et seq.).
(2) The USA Patriot Act of 2001 (P.L. 107-56).
(3) Any regulations, policies, or reporting requirements
established by the Financial Crimes Enforcement Network of
the United States Department of the Treasury.
(4) Any other state or federal money laundering statutes or
regulations that apply to a licensee.
(b) The department shall do the following:
(1) To the extent authorized or required by state law, investigate
potential violations of, and enforce compliance with, state
money laundering statutes or regulations.
(2) Investigate potential violations of federal money laundering
statutes or regulations and, to the extent authorized or required
by federal law:
(A) enforce compliance with the federal statutes or
regulations; or
(B) refer suspected violations of the federal statutes or
regulations to the appropriate federal regulatory agencies.
As added by P.L.10-2006, SEC.49 and P.L.57-2006, SEC.49.
IC 28-7-5-38
Violations; civil action; injunctive relief; civil penalties
Sec. 38. The department may bring a civil action, including an
action for injunctive relief, on the department's own behalf or on
behalf of a pledger, against a person, a business, or a licensee for
violating this chapter. If a court finds that the defendant has violated
this chapter, the court may assess a civil penalty not to exceed five
thousand dollars ($5,000) per violation.
As added by P.L.42-1993, SEC.84. Amended by P.L.10-2006, SEC.50
and P.L.57-2006, SEC.50.
IC 28-7-5-38.1
Violations; civil penalty
Sec. 38.1. If the department determines, after notice and
opportunity to be heard, that a person has violated this chapter, the
department may, in addition to or instead of all other remedies
available under this chapter, impose on the person a civil penalty that
does not exceed ten thousand dollars ($10,000) per violation.
As added by P.L.90-2008, SEC.54. Amended by P.L.35-2010,
SEC.179.
IC 28-7-5-39
Confidentiality of records; exceptions; safeguarding of personal
records; release of information to supervisory agencies
Sec. 39. (a) Records and information generated by licensees in the
course of their business are confidential under IC 5-14-3-4.
(b) A law enforcement or prosecutorial official may obtain or
receive records and information described in subsection (a) relating
to pawnbroking transactions for use in the official law enforcement
purpose of investigating crime.
(c) Law enforcement officials may disclose the name and address
of the pawnbroker to an adverse claimant in the case of a dispute over
ownership of property in possession of the pawnbroker.
(d) A person licensed or required to be licensed under this chapter
is subject to IC 28-1-2-30.5 with respect to any records maintained
by the person.
(e) The director may provide for the release of information under
this chapter to representatives of state, federal, or foreign:
(1) financial institution; or
(2) money services business;
supervisory agencies.
As added by P.L.163-2001, SEC.7. Amended by P.L.90-2008,
SEC.55.
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