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Municode Page 12 of 14 <br /> Interest shall not be deducted in advance, nor shall any loan be divided or split so as to yield greater <br /> interest or fees than would be permitted upon a single, consolidated loan or for otherwise evading <br /> any provisions of this section. <br /> (d) Any interest, charge, or fees contracted for or received, directly or indirectly, in excess of the amount <br /> permitted under this section shall be uncollectible and the pawn transaction shall be void. <br /> (e) A schedule of charges permitted by this section shall be posted on the pawnshop premises in a <br /> place clearly visible to the general public. <br /> State law reference—Similar provisions, Minn. Slats. §325J.07. <br /> Sec. 38-351. - Holding period. <br /> Any item sold or pawned to a pawnbroker for which a report to the police is required shall not be sold <br /> or otherwise transferred for 30 days after the date of the sale or pawn. However, an individual may redeem <br /> an item pawned 72 hours after the item was received on deposit by the pawnbroker, excluding Sundays <br /> and legal holidays. During the 30-day holding period, licensees are prohibited from allowing redemption of <br /> any article of property by anyone other than: <br /> (1) The person to whom the receipt was issued; <br /> (2) Any person identified in a written and notarized authorization to redeem the article of property <br /> identified in the receipt; <br /> (3) A person identified in writing by the pledgor at the time of the initial transaction,which <br /> authorization shall be signed by the pledgor; or <br /> (4) A person who has the approval of the chief of police. <br /> Written authorization for release of articles of property to persons other than the original pledgor must be <br /> maintained along with the original transaction record. <br /> (Code 1982, § 724.18(6)) <br /> Sec. 38-352. - Police hold on specific items. <br /> Whenever the chief of police notifies a licensee not to sell or permit to be redeemed an article of <br /> property in the licensee's possession, the article may not be sold, redeemed or removed from the premises <br /> by the licensee. The police hold shall be confirmed in writing within 72 hours and will remain in effect for 90 <br /> days from the date of notification unless the chief of police determines the hold is still necessary and <br /> notifies the licensee in writing. When a police hold is no longer needed, the chief of police shall so notify the <br /> licensee. <br /> (Code 1982.§724.18(8)) <br /> Sec. 38-353. - Confiscation of property. <br /> If an article of property in a licensee's possession is determined to be stolen, it may be confiscated <br /> and seized as evidence by any police officer. A request for restitution from any person charged in regard to <br /> the stolen property confiscated shall be made on behalf of the licensee. When an article of property is <br /> confiscated, the person doing so shall provide identification upon request of the licensee, and shall <br /> complete a confiscation report providing at a minimum the name and telephone number of the confiscating <br /> agency and investigator, and the case number of the police report related to the confiscation. The <br /> confiscation report shall be included with the daily reports to police submitted by the licensee, for review by <br /> the chief of police. <br /> (Code 1982, §724.18(9)) <br /> http://library.municode.com/print.aspx?h=&clientID=13427&HTMRequest=http%3a%2f o2flibr... 10/11/2012 <br />