Section 86: Loans; household, personal use or ornament articles as security or purchased on condition of reselling or redemption; record book; memorandum for borrower
221 words·~1 min read·
/ma/part-i/title-xx/chapter-140/86A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 86. Every person who is engaged in the business of making loans on collateral security represented by household goods, wearing apparel, watches, diamonds, jewelry or other articles of personal use or ornament, or on notes secured by pledge or mortgage of any such property, and with whom such property is deposited, or who purchases such property on condition of selling it back again at a stipulated price, or who pays or advances money thereon under such circumstances that it may be inferred from the character of the transaction that such property may afterward be redeemed, shall keep a book in which, for the purpose of identification, shall be recorded at the time of each loan or transaction a full and accurate description of the articles pledged or deposited, with any designating numbers or marks and also the name and residence of the borrower or depositor, and each transaction shall be specifically numbered in said book.
He shall also give to each borrower or depositor a receipt, ticket or card, numbered to correspond with the number of the transaction on said book, inscribed with the name of the lender, the article pledged, the description of the property as above required, the name of the borrower or depositor, the amount of the loan, the date when made and the date when payable.