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Municode Page 13 of 14 Sec. 38-354. - Motor vehicle title pawn transactions. (a) In addition to the other requirements of this article, a pawnbroker who holds a title to a motor vehicle as part of a pawn transaction shall: (1) Be licensed as a used motor vehicle dealer under Minn. Stats. § 168.27, and post such license on the pawnshop premises; (2) Verify that there are no liens or encumbrances against the motor vehicle with the state department of public safety; and (3) Verify that the pledgor has automobile insurance on the motor vehicle as required by law. (b) A pawnbroker may not sell a motor vehicle covered by a pawn transaction until 90 days after recovery of the motor vehicle. State law reference—Similar provisions. Minn. Stats. §325J.095. Sec. 38-355. - Effect of nonredemption of property. (a) A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within at least 60 days of the date of the pawn transaction, renewal, or extension shall automatically be forfeited to the pawnbroker, and qualified right, title, and interest in and to the goods shall automatically vest in the pawnbroker. (b) The pawnbroker's right, title, and interest in the pledged goods under subsection (a)of this section is qualified only by the pledgor's right, while the pledged goods remain in possession of the pawnbroker and not sold to a third party, to redeem the goods by paying the loan plus fees and/or interest accrued up to the date of redemption. (c) A pawn transaction that involves holding only the title to property is subject to Minn. Stats. ch. 168A or 336. State law reference—Similar provisions, Minn. Scats. §325J.06. Sec. 38-356. - Persons authorized to redeem property; compensation for lost or damaged property. Any person to whom the receipt for pledged goods was issued, or any person identified in a written and notarized authorization to redeem the pledged goods identified in the receipt, or any person identified in writing by the pledgor at the time of the initial transaction, which authorization shall be signed by the pledgor, shall be entitled to redeem or repurchase the pledged goods described on the ticket. If the goods are lost or damaged while in possession of the pawnbroker, the pawnbroker shall compensate the pledgor, in cash or replacement goods acceptable to the pledgor, for the fair market value of the lost or damaged goods. Proof of compensation shall be a defense to any prosecution. State law reference—Similar provisions, Minn. Stets. §325J.09. Sec. 38-357. - Manner of payment to pledgors. Payment of more than $100.00 by any licensee for any article deposited, left, purchased, pledged or pawned shall be made only by a check, draft or other negotiable or nonnegotiable instrument or order of withdrawal which is drawn against funds held by a financial institution. (Code 1982, § 724.18(10)) http://library.municode.com/print.aspx?h=&clientID=13427&HTMRequest=http%3 a%2f D/o2flibr... 10/11/2012