§59-1502. Definitions.
256 words·~1 min read·
/ok/title-59-professions-and-occupations/59-1502·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act:
1. "Administrator" means the Administrator of Consumer Affairs defined in the Uniform Consumer Credit Code.
2. "Month" means that period of time from one date in a calendar month to the corresponding date in the following calendar month, but if there is no such corresponding date, then the last day of such following month, and when computations are made for a fraction of a month, a day shall be one-thirtieth (1/30) of a month. 3. "Pawnbroker" means a person engaged in the business of making pawn transactions.
4. "Pawn finance charge" means the sum of all charges, payable directly or indirectly by the customer and imposed directly or indirectly by the pawnbroker as an incident to the pawn transaction. 5. "Pawnshop" means the location at which or premises in which a pawnbroker regularly conducts business.
6. "Pawn transaction" means the act of lending money on the security of pledged goods or the act of purchasing tangible personal property on condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time.
7. "Person" means an individual, partnership, corporation, joint venture, trust, association or any other legal entity however organized.
8. "Pledged goods" means tangible personal property other than choses in action, securities or printed evidences of indebtedness, which property is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of his business in connection with a pawn transaction. Added by Laws 1972, c. 255, § 2.