7.09.080 Pawnbroker Transaction Form

(a) At the time the pawnbroker enters into any pawn or purchase transaction, the pawnbroker shall complete a pawnbroker transaction form for such transaction, including an indication of whether the transaction is a pawn or a purchase, and the pledgor or seller shall sign such completed form. The pawnbroker transaction form shall be created in triplicate. The Compliance Department must approve the design and format of the pawnbroker transaction form, which must be 8 ½ inches x 11 inches in size and elicit the information required under this section. In completing the pawnbroker transaction form, the pawnbroker shall record the following information, which must be typed or legibly written in the English language.

(b) The front of the pawnbroker transaction form must include:

(1) The name and address of the pawnshop.

(2) A transaction form number, which shall be in sequential order. The transaction form number may be created as a duplicate set of peel-off labels that may be affixed to the pawnbroker transaction form and to the actual item pawned or purchased.

(3) A complete and accurate description of the pledged goods or purchased goods, including the following information if applicable:

(A) Categorization of the item, i.e. electronics, jewelry, tools, etc.

(B) Brand name

(D) Manufacturer's serial number

(E) Size

(F) Color

(G) Precious metal type, weight and content, if known

(H) Gemstone description, including number of stones

(I) Any other unique identifying marks, numbers, names or letters

(4) In the case of jewelry, a photograph of the piece shall be taken upon purchase or pawn and shall be securely attached to the pawnbroker's copy of the pawnbroker transaction form.

(5) The name, physical and mailing address, home telephone number, place of employment, date of birth, and physical description of the pledgor or seller.

(6) The type of picture identification accepted from the pledgor or seller, including the issuing agency and identification number. A photocopy of the accepted picture identification of the pledgor or seller shall be taken and securely attached to the pawn pawnbroker's copy of the pawnbroker transaction form.

(7) Date and time of transaction

(8) In the case of a PAWN:

(A) The amount of money loaned, which must be designated as the amount financed;

(B) The default date of the pawn, which must be 30 days after the date of the pawn;

(D) The total service charge payable on the default date, which must be designated as the finance charge;

(E) The amount financed plus the finance charge that must be paid to redeem the pledged goods on the default date which must be designated as the total of payments;

(F) The annual percentage rate;

(G) The front or back of the pawnbroker transaction form must include a statement that:

(i) Any personal property pledged to a pawnbroker within the Territory of Akwesasne which is not redeemed within 30 days following the default date of the pawn, if the 30th day is not a business day, then the following business day, is automatically forfeited to the pawnbroker, and absolute right, title and interest in and to the property vests in and is deemed conveyed to the pawnbroker and no further notice is necessary;

(ii) The pledgor is not obligated to redeem the pledged goods;

(iii) If the pawnbroker transaction form is lost, destroyed, or stolen, the pledgor must immediately advise the issuing pawnbroker in writing by mail, or in person as evidenced by a signed receipt.

(iv) A pawn may be extended upon mutual agreement of the parties.

(9) In case of a PURCHASE, the amount of money paid for the goods or the monetary value assigned to the goods in connection with the transaction, as well as the date on which the item will be available for sale or disposal, which date shall be at least 30 days after the purchase transaction.

(10) A statement that the pledgor or seller of the item represents and warrants that it is not stolen, that it has no liens or encumbrances against it, and that the pledgor or seller is the rightful owner of the goods and has the right to enter into the transaction.

(c) Any person who knowingly gives false verification of ownership or gives a false or altered identification and who receives money from a pawnbroker for goods sold or pledged:

(1) Shall be immediately reported to the Saint Regis Mohawk Tribal Police Department;

(2) Shall not be allowed to use any of the services the pawnshop offers and shall have their photo placed in plain view for the reference of all pawnshop employees. Their name may also be placed on an alphabetical listing for quick reference by pawnshop employees.

(d) At the time of the pawn or purchase transaction, the pawnbroker shall deliver to the pledgor or seller an exact copy of the completed pawnbroker transaction form.