2013 New York Consolidated Laws
GBS - General Business
Article 5 - (40 - 55) COLLATERAL LOAN BROKERS
49 - Notice of such sale; report.

 
    §  49. Notice of such sale; report.  1. No pledge shall be sold unless
  written or printed notice of intention to sell with a statement  of  the
  article or articles to be sold has been first mailed by letter addressed
  to  the  pledgor  at  the address given at the time of pledging at least
  thirty days prior to the date of sale.  If the sale shall be  by  public
  auction,  then notice of every such sale shall be published for at least
  six days previous thereto, in at  least  two  of  the  daily  newspapers
  printed  in the city where the business shall be carried on, and also in
  two daily newspapers of the city where the sale is to take place and  to
  be  designated by said mayor, and such notice shall specify the time and
  place at which  such  sale  is  to  take  place  and  the  name  of  the
  auctioneers  by  whom  the  same  is  to  be  conducted  together with a
  statement of the class of pledges to be sold and the inclusive dates and
  numbers of the pawn tickets of the pledges to be sold. If the pledge, at
  such sale, shall be purchased back by the collateral  loan  broker,  the
  pledgor  shall  be entitled to redeem same within ten days thereafter by
  tendering to the collateral loan broker the amount of the loan with  the
  interest  due thereon, the amount of the auctioneer's lawful commission,
  lawful extra care charges, and the expense of the advertisement  of  the
  sale.
    2.  Any  collateral  loan broker who sells defaulted pledges at public
  auction, pursuant to this article, shall file with  the  office  of  the
  local  governing body issuing such license within thirty days after such
  sale, a verified report setting  forth  the  name  and  address  of  the
  collateral  loan  broker,  the  date  when and place where such sale was
  held, the name and address of the auctioneer that  conducted  such  sale
  and shall include a schedule of each of the defaulted pledges offered at
  such  sale,  together with their pledge numbers, the amount received for
  each pledge and a statement that each of  the  pledges  so  listed  were
  delivered  over  to the auctioneer and actually offered for sale at such
  auction, and in the event the collateral loan broker, during the  course
  of  such  sale purchases back any such pledge, a statement setting forth
  which pledges were purchased back by  the  collateral  loan  broker.  An
  affidavit  of  publication  made by the newspaper in which the notice of
  each such sale was published, as  provided  by  section  fifty  of  this
  article,  shall  be  annexed  to  every  report  filed  pursuant  to the
  provisions of this section.