2021 Indiana Code
Title 28. Financial Institutions
Article 7. Specialized Financial Institutions
Chapter 5. Pawnbrokers
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.
