The Michigan Pawn Ticket
The state Court of Appeals ruled in favor of Warren police’s use of an electronic tracking system of pawn transactions, but the owner of a pawn shop plans to seek.
The laws that regulate pawn shops at the state level vary from state to state. The entries below provide links to state pawn shop laws across the country. State licensing and regulatory authorities are also cited when applicable. County and city statues are not included. Pawn Shops and Second Hand Dealers are both heavily regulated by state and local authorities. LicenseLogix can help you get the proper licenses. Hardcore Pawn was an American reality television series produced by RDF USA (later Zodiak USA) and Richard Dominick Productions for truTV about the day-to-day operations of American Jewelry and Loan, a family-owned and operated pawn shop and broker in Detroit, Michigan's 8 Mile Road corridor. Starting a business in precious metals can be a “jewel” of an idea! But before you begin, determine whether you need a precious metals dealer license.If you’re involved in buying and selling items made of or containing gold, silver, platinum, or other precious metals or jewels, including scrap metal, you likely need to get approved for your precious metals license.
Preprinted pawn forms are expensive, even more so when a change becomes necessary and a store of forms must be discarded. In MI pawn transactions can be printed using an ink printer. When a change is needed, the pawn ticket resident in the program can be edited and the change will appear on the next ticket printed.
Michigan Pawnbrokers Act 273 Of 1917
Note that Internet drop-off stores are not subject to the Act.
The record of each transaction must include:- The article's description
- Sequential transaction numbers
- The loan amount
- The client's name, address, height, weight, eye/hair color, identifying marks like tatoos, scars, etc.), and a license number, state personal ID, card number or govt ID #The day and hour when the pawned item was received
The state requires that the pawn information be printed on 8.5 x 11 paper. When applying for a pawn license the applicant can print a sample of the Pawnbroker Pawn Shop Software pawn form and include that with the application.
As an alternative forms prepared by Burrell may be used with ink and impact printers. Some configuring of the software might be necessary to print the required information on the correct locations on the form.
- Burrell Form: Laser Sheet Form 10-2201
- Continuous Form (for dot matrix/impact printers): 10-2224
A third alternative would be to have copies of approved forms printed and complete them by hand.
- Burrell Form: Handwritten Ticket 10-2210-48
The act requires a daily (except Sundays when pawning is not allowed) 'sworn' report to the chief of police or chief law enforcement officer of pawns and names, addresses and descriptions of pawners. Some jurisdictions in MI may use LEADS Online. Either way, required reports can be generated using Pawnbroker Pawn Shop Software.
LEADS Online is a national database of items pawned and purchased from individuals (for resale). Over the years local law enforcement agencies have been adopting this source as a reference to stolen property. Here again reports can be generated within PPSS and uploaded to the LEADS Online database.
Monthly interest on loans is 3% with a minimum of fifty cents. A storage fee of $1 per month is allowed as well as a $1/month 'usage fee' (allowing the pawner to use the pawned item during the loan period). If put in writing the lender may also be granted use of the property during the loan period.
Oklahoma Pawn License
Interest cannot be collected in advance and the calculation of interest cannot be compounded. 'Examination fees' are prohibited.
If the debt is not repayed within 3 months, the pawn becomes the property of the lender. Apparently even after 3 months if the borrower pays all amounts due, payment 'reinvests the pawner withthe title and right of possession to the property pledged'.
Pawn Shop Software is has different levels of features and prices so small shops can avoid big expense for unneeded features while larger shops can equip themselves with the tools need to automate more complex and demanding operations.
There are 4 editions of Pawnbroker Pawn Shop Software which include all of these features:
Pawn Shop Detroit
- Automatic calculation and reminders of dates due
- Burrell forms compatible(fee based)
- Adherence to the Military Lending Act
- Customization of fees and interest
- Detailed User's Guide
- Mailing of due and forfeit notices
- No prepayment for support
- Consignment option
- Editable records for borrowers, pawns, sales and payment
- Plain-paper pawn forms
- Adhesive labels and nonadhesive hang tags for pricing
- Easy reporting to police and L.E.A.D.S