If the pawn debtor does not claim the money in the required time, the pawnbroker has the right to keep it.If the amount of surplus is over $100, then the pawn debtor has 12 months from the date of mailing to claim it If the amount of surplus is under $100, the pawn debtor has 90 days from the date of mailing to claim it.The pawnbroker must notify the pawn debtor by first class mail of the amount of the surplus and that the pawn debtor has the right to claim the money.If the sale of the pawned property results in more money than the pawnbroker loaned to the pawn debtor, then the pawnbroker must make a record of the sale and the amount of the surplus.If the pawnbroker sells the pawned property at his or her place of business, the sale must be made in accordance with the following requirements: Required Conduct Concerning Sale of a Pawned Item A pawn debtor defaults when he or she does not repay the pawnbroker within the time allowed for repayment under the parties’ agreement. The pawnbroker must wait at least ninety days after the pawn debtor’s default before he or she can sell or otherwise dispose of the pawned property. When Can the Pawnbroker Sell the Pawned Item?

(A loan is refinanced when some portion of a later loan is used to repay an earlier loan with the same pawnbroker.) After the first thirty days, the pawnbroker may charge up to four percent (4%) per month on the unpaid principal balance of the loan. This charge may be applied only during the first thirty days of the loan and may not be imposed when an existing loan is refinanced. Permissible Charges: For the first thirty-day period of the pawn transaction, a pawnbroker may charge $7.50 or ten percent of the amount loaned, whichever is greater.

If the money is not repaid, then the pawnbroker can sell the item and keep the proceeds. The debtor then has a certain amount of time (typically between 30 and 90 days) to repay the money to the pawnbroker. The debtor receives a pawn ticket for the item.

A person (the pawn debtor) transfers to the pawnbroker an item of personal property, such as jewelry, in exchange for a loan of money up to $2000 from the pawnbroker. The typical pawn transaction is as follows. They are regulated by the Pawnbrokers Act, §56-12-1 et seq. As such, pawn transactions have their own set of regulations apart from the UCC. Pawn transactions are a special type of secured transaction.

What does it mean to pawn something