Ohio · statute · Ohio Rev. Code ch. 4727 · 24 active provisions
As used in this chapter:(A) "Pawnbroker" means a person engaged in the business of lending money on deposit or pledges of personal property, other than securities, printed evidence of indebtedness, titles, deeds, or bills of sale, at a total charge, rate of interest, or discount or other remuneration in excess of eight…
No person shall act as a pawnbroker, or advertise, transact, or solicit business as a pawnbroker, without first having obtained a license from the superintendent of financial institutions. A person shall obtain a separate license for each place of business at which the person acts or transacts business as a pawnbroker.
(A) As used in this section, "experience in the capacity involved" means that the applicant for a pawnbroker's license demonstrates sufficient financial responsibility and experience in the pawnbroker business, or in a related business, to act as a pawnbroker in compliance with this chapter. "Experience in the capacity…
On receipt of a notice pursuant to section 3123.43 of the Revised Code, the division of consumer finance shall comply with sections 3123.41 to 3123.50 of the Revised Code and any applicable rules adopted under section 3123.63 of the Revised Code with respect to a license issued pursuant to this chapter.
(A) An application for a pawnbroker's license shall state fully the name and address of the applicant and of every member, partner, stockholder, or owner of an applicant, and the location of the office or place of business in which the business is conducted; and in the case of a corporation, shall also state the date a…
The superintendent of financial institutions shall, either personally, or by such person as the superintendent may appoint for the purpose, at least once every eighteen months, and more often if deemed advisable, investigate the business of every person licensed as a pawnbroker, and of every person by whom or for which…
(A) No pawnbroker shall charge, receive, or demand interest for any loan in excess of six per cent per month or fraction of a month on the unpaid principal. Interest shall be computed on a monthly basis on the amount of the principal remaining unpaid on the first day of the month and shall not be compounded.(B) In addi…
Every pawnbroker shall give to the pledgor or seller a statement upon which shall be legibly written in ink, printed, or typed, the name and address of the licensee making the loan or purchase, the amount of the loan or purchase price, the rate of interest, the time and date when the loan is made, or goods sold, and th…
(A) Every person licensed as a pawnbroker shall keep and use separate pawn forms and purchase forms to be approved by the superintendent of financial institutions. (B) The licensee shall record on the appropriate form for each pawn or purchase all of the following information:(1) The date and time of the pledging or pu…
(A) A person licensed as a pawnbroker shall, every day, furnish the following information to the chief of police of the municipal corporation or township in which the licensee's place of business is located or, if the place of business is not located within a municipal corporation or a township that has a chief of poli…
(A) No person licensed as a pawnbroker shall recklessly receive any pledge or purchase any articles from any minor or from any person who is at the time intoxicated or under the influence of a controlled substance. (B) No person licensed as a pawnbroker shall receive any pledge or purchase any articles from any person…
(A) If a pledgor fails to pay interest and fees to a person licensed as a pawnbroker on a pawn loan for three months from the date of the loan or the date on which the last interest payment is due, the licensee shall notify the pledgor by United States postal mail, with proof of mailing, to the last place of address gi…
(A) A person licensed as a pawnbroker shall retain any goods or articles purchased by the licensee until the expiration of fifteen days after the purchase is made. The licensee may dispose of such goods or articles sooner with the written permission of the chief of police of the municipal corporation or township in whi…
(A) The superintendent of financial institutions shall adopt rules in accordance with Chapter 119. of the Revised Code for the administration and enforcement of this chapter.(B) The superintendent shall enforce this chapter, make all reasonable effort to discover alleged violators, notify the proper prosecuting officer…
This chapter does not apply to federally insured depository institutions such as a state or federally chartered bank, savings and loan association, or credit union.
(A) No person licensed as a pawnbroker under this chapter, and no agent, officer, or employee thereof, shall violate this chapter.(B) Upon the criminal conviction of a licensee or any employee, manager, officer, director, shareholder, member, or partner of a licensee for a violation of this chapter, the superintendent…
(A) A person licensed as a pawnbroker under this chapter shall state the license number issued by the superintendent of financial institutions in all advertisements, offers, and solicitations.(B) No person not licensed under this chapter may advertise as a pawnbroker.
(A) Every sale, transfer, or hypothecation of any stock, security, membership, partnership, or other equitable, beneficial, or ownership interest in a person licensed as a pawnbroker, in an amount representing a ten per cent or greater equitable, membership, partnership, beneficial, or other ownership interest in the l…
(A) Except as provided in division (C) of this section, any information arising from, obtained by, or contained in an investigation of a person licensed as a pawnbroker under this chapter performed by the superintendent of financial institutions is confidential information and is not a public record under section 149.4…
(A) Effective with the two-year period that begins June 30, 2017, and every two-year period thereafter, each person licensed as a pawnbroker under this chapter shall have at least one person employed at the licensee's place of business who has completed by the end of the period at least eight hours of continuing educat…
(A) No person licensed as a pawnbroker under this chapter shall conduct business in this state, unless the licensee does either of the following:(1) Maintains liquid assets in a minimum amount of seventy-five thousand dollars;(2) Obtains a surety bond issued by a bonding company or insurance company authorized to do bu…
The state, through the superintendent of financial institutions, in accordance with this chapter, is the sole regulator of persons engaged in business as pawnbrokers.
The division of consumer finance shall comply with section 4776.20 of the Revised Code.
(A) Whoever violates sections 4727.03 to 4727.21 of the Revised Code is guilty of a misdemeanor of the third degree on a first offense and a misdemeanor of the second degree on each subsequent offense.(B) Whoever violates section 4727.02 of the Revised Code is guilty of a felony of the fifth degree.