Title 75, Regulation of Trade, Commerce and Investments

This article shall be known and may be cited as the “Mississippi Pawnshop Act.”

(a) The following words and phrases used in this article shall have the following meanings unless the context clearly indicates otherwise:(a) “Pawnbroker” means any person engaged in whole or in part in the business of lending money on the security of pledged goods left in pawn, …

(1) At the time of making the pawn or purchase transaction, the pawnbroker shall enter upon the pawn ticket a record of the following information which shall be typed or written in ink and in the English language:(a) A clear and accurate description of the property, including the…

(a) The following shall be printed on all pawn tickets:(a) The statement that “Any personal property pledged to a pawnbroker within this state is subject to sale or disposal when there has been no payment made on the account for a period of thirty (30) days past maturity date of …

(1) The pledgor or seller shall sign a statement verifying that the pledgor or seller is the rightful owner of the goods or is entitled to sell or pledge the goods and shall receive an exact copy of the pawn ticket which shall be signed or initialed by the pawnbroker or any emplo…

A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within thirty (30) days following the originally fixed maturity date shall automatically be forfeited to the pawnbroker by operation of this section, a…

(1) (a) A pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, cost and losses of every nature not to exceed twenty-five percent (25%) of the principal amount, per month, advanced in the pawn transaction.(b) Th…

(1) A pawnbroker and any clerk, agent or employee of such pawnbroker shall not:(a) Fail to make an entry of any material matter in his or her record book;(b) Make any false entry therein;(c) Falsify, obliterate, destroy or remove from his or her place of business such records, bo…

(1) Any person properly identifying himself as pledgor or as authorized representative of the pledgor and presenting a pawn ticket to the pawnbroker shall be entitled to redeem or repurchase the pledged goods described in such ticket. In the event such pledged goods are lost or d…

(1) A pawnbroker shall have a lien on the pledged goods pawned for the money advanced and the pawnshop charge owed, but not for other debts due to him. He shall retain possession of the pledged goods, except as otherwise herein provided, until his lien is satisfied. (2) Pledged g…

(1) A person may not engage in business as a pawnbroker or otherwise portray himself as a pawnbroker unless the person has a valid license authorizing engagement in the business. A separate license is required for each place of business under this article. The commissioner may is…

(1) To be eligible for a pawnbroker license, an applicant shall:(a) Operate lawfully and fairly within the purposes of this article;(b) Not have been convicted of a felony in the last ten (10) years or be active as a beneficial owner for someone who has been convicted of a felony…

(1) The commissioner may, after notice and hearing, suspend or revoke any license if it finds that:(a) The licensee, either knowingly, or without the exercise of due care to prevent the same, has violated any provision of this article;(b) Any fact or condition exists which, if it…

(1) An application for a new pawnshop license, the transfer of an existing pawnshop license or the approval of a change in the ownership of a licensed pawnshop shall be under oath and shall state the full name and place of residence of the applicant, the place where the business …

(1) No pledged or purchased goods can be confiscated without specifically accomplishing the following actions:(a) A police report being made in a timely manner;(b) A warrant sworn out for the person who pledged or sold the goods to the pawnbroker; and(c) A theft report, or a Nati…

Any person who engages in the business of operating a pawnshop without first securing a license prescribed by this article shall be guilty of a misdemeanor and upon conviction thereof, shall be punishable by a fine not in excess of One Thousand Dollars ($1,000.00) or by confineme…

(1) In addition to any other penalty which may be applicable, any licensee or employee who willfully violates any provision of this article, or who willfully makes a false entry in any record specifically required by this article, shall be guilty of a misdemeanor and upon convict…

The commissioner, or his duly authorized representative, for the purpose of discovering violations of this article and for the purpose of determining whether persons are subject to the provisions of this article, may examine persons licensed under this article and persons reasona…

If any pledged goods from a pawn transaction are found to be stolen goods and are returned to the rightful owner by law enforcement authorities and if the licensee who accepted such pledged goods has complied with all of the duties and responsibilities as specified in this articl…

The provisions of this article are severable. If any part of this article is declared invalid or unconstitutional, such declaration shall not affect the parts which remain.

Pawnbrokers operating pawnshop locations in business as of July 1, 1993, shall have until January 1, 1994, to apply for a license under this article and to pay the required fee, and upon such application and payment of such required fee, shall be granted a license under this arti…

(1) The Commissioner of Banking shall develop and provide any necessary forms to carry out the provisions of this article. (2) To assure compliance with the provisions of this article, the commissioner may examine the pawn books and records of any licensee without notice during n…

Municipalities in this state may enact ordinances which are in compliance with, but not more restrictive than, the provisions of this article. Any existing or future order, ordinance or regulation which conflicts with this provision shall be null and void.

This article shall be known and may be cited as the “Mississippi Title Pledge Act.”

(a) The following words and phrases shall have the following meanings:(a) “Appropriate law enforcement agency” means the sheriff of each county in which the title pledge lender maintains an office, or the police chief of the municipality or law enforcement officers of the Departm…

(a) At the time the title pledge lender enters into each title pledge agreement, the title pledge lender shall complete a consecutively numbered title pledge transaction form for such transaction, and the pledgor shall sign the completed form. The commissioner shall approve the d…

(1) The following information shall also be printed on all title pledge transaction forms:(a) The name and address of the title pledge office.(b) The statement that:(i) The pledgor is not obligated to redeem the pledged certificate of title;(ii) If the pledgor does not redeem the…

(1) The pledgor shall sign a statement verifying that the pledgor is the rightful owner of the pledged property and is entitled to pledge it. The pledgor shall receive an exact copy of the title pledge agreement which shall be signed by the title pledge lender or any employee of …

(1) A pledgor shall have no obligation to redeem pledged property or make any payment on a title pledge transaction. Upon the pledgor’s failure to redeem the pledged property on or before the maturity date of the title pledge agreement or any extension or continuation thereof, th…

(1) A title pledge lender may contract for and receive a title pledge service charge in lieu of interest or other charges for all services, expenses, cost and losses of every nature not to exceed twenty-five percent (25%) of the principal amount, per month, advanced in the title …

(a) A title pledge lender, or any agent or employee of such title pledge lender, shall not:(a) Falsify or intentionally fail to make an entry of any material matter in a title pledge lender transaction form.(b) Refuse to allow the commissioner, the appropriate law enforcement off…

(1) Any person presenting identification of himself and presenting the pledgor’s copy of the title pledge transaction form to the title pledge lender is presumed to be entitled to redeem the pledged property described in the title pledge lender transaction form; provided, however…

(1) A person may not engage in business as a title pledge lender or otherwise portray himself as a title pledge lender unless the person has a valid license authorizing engagement in the business. A separate license is required for each place of business under this article. The c…

(1) To be eligible for a title pledge lender license, an applicant shall:(a) Operate lawfully and fairly within the purposes of this article;(b) Not have been convicted of a felony in the last ten (10) years or be active as a beneficial owner for someone who has been convicted of…

(1) The commissioner may, after notice and hearing, suspend or revoke any license if it finds that:(a) The licensee, either knowingly, or without the exercise of due care to prevent the same, has violated any provision of this article;(b) Any fact or condition exists which, if it…

(1) An application for a new title pledge office license, the transfer of an existing title pledge office license or the approval of a change in the ownership of a licensed title pledge office shall be under oath and shall state the full name and place of residence of the applica…

(1) No pledged property can be confiscated without the following actions having been accomplished:(a) A police report being made in a timely manner;(b) A warrant sworn out for the person who pledged the property to the title pledge lender; and(c) A theft report or a National Crim…

Any person who engages in the business of operating a title pledge office without first securing a license prescribed by this article shall be guilty of a misdemeanor and, upon conviction thereof, shall be punishable by a fine not in excess of One Thousand Dollars ($1,000.00) or …

(1) In addition to any other penalty which may be applicable, any licensee or employee who willfully violates any provision of this article, or who willfully makes a false entry in any record specifically required by this article, shall be guilty of a misdemeanor and, upon convic…

If any pledged property from a title pledge transaction is found to be stolen and is returned to the rightful owner by law enforcement authorities and if the licensee who accepted such pledged property has complied with all of the duties and responsibilities as specified in this …

(1) The Commissioner of Banking and Consumer Finance shall develop and provide any necessary forms to carry out the provisions of this article. (2) The department may adopt reasonable administrative regulations, not inconsistent with law, for the enforcement of this article. (3) …

Title pledge lenders in operation as of April 22, 1997, shall have until July 1, 1997, to apply for a license under this article.

Municipalities in this state may enact ordinances which are in compliance with, but not more restrictive than, the provisions of this article. Any existing or future order, ordinance or regulation which conflicts with this provision shall be null and void.

The provisions of this article are severable. If any part of this article is declared invalid or unconstitutional, such declaration shall not affect the parts which remain.

The commissioner may employ additional necessary permanent full-time employees above the number of permanent full-time employees authorized for the department for fiscal year 1997 to carry out and enforce the provisions of this article.

A licensee shall not advertise, display or publish, or permit to be advertised, displayed or published, in any manner whatsoever, any statement or representation that is false, misleading or deceptive.