Michigan Compiled Laws, Chapter 446. Business Regulation § 446.205

Current as of February 09, 2022 | Updated by FindLaw Staff

Sec. 5. (1) A pawnbroker shall keep a record in English, at the time the pawnbroker receives any article of personal property or other valuable thing by way of pawn, that includes a description of the article, a sequential transaction number, any amount of money loaned on the article, the name, residence, general description, and driver license number, official state personal identification card number, or government identification number of the person from whom the article was received, and the day and hour when the article was received. The record, the place where the business is carried on, and all articles of property in that place of business are subject to examination at any time by the attorney of the governmental unit, local police agency, the county prosecuting attorney of the county in which the governmental unit is situated, or the department of state police.

(2) Upon the receipt of any article of personal property or other valuable thing by way of pawn, the pawnbroker shall make a permanent record of the transaction on a form provided by the pawnbroker that substantially complies with the form described in subsection (4). Each record of transaction shall be completed in duplicate by the pawnbroker, legibly in the English language, and shall contain all applicable information required to complete the record of transaction form under subsection (4). This subsection does not prohibit the use and transmission of the information required in the record of the transaction by means of computer or other electronic media as permitted by the local police agency within the applicable governmental unit.

(3) The pawnbroker shall retain a record of each transaction and, within 48 hours after the property is received, shall send 1 copy of the record of transaction to the local police agency.

(4) The record of transaction form shall be 8- 1/2 inches by 11 inches in size and shall be as follows:

RECORD OF TRANSACTION

FRONT

Article	\| Serial No.
	\|
______________________________________________________	\|____________________________________________
Model No. or Case No.	\| Lens No. or Move. No.
	\|
______________________________________________________	\|____________________________________________
Trade Name	\| Color	\| Size	\| No. Jewels
	\|	\|	\|
_________________________________________________________	\|_____________	\|__________	\|_______________

Material	\| Stone Set Design
	\|
___________________________________________	\|_______________________________________________________
Description		\| No.	\| Kind of Stone	\| Size
		\|	\|	\|
_____________________________________________	\|_________________	\|___________________	\|_______________
_____________________________________________	\|_________________	\|___________________	\|_______________
Inscription or Initials	\|	\|	\|
		\|	\|	\|
_____________________________________________	\|_________________	\|___________________	\|_______________
Purchase Price	\| Amt. Loaned	\|	\|	\|
		\|	\|	\|
_____________________________________________
Dealer		\|	\|	\|
		\|	\|	\|
_____________________________________________	\|_________________	\|___________________	\|_______________
City		\| Date	\| Ticket No.
		\|	\|
____________________________________________	\|________________	\|_____________________________________
Lady's [ ]	Gent's [ ]	Wrist [ ]	Pocket [ ]	Lapel [ ]

BACK

Operator's License # or Other I.D. #

___________________________________________________________________________________________________
Customer's Name (PRINT)

___________________________________________________________________________________________________
Street No. or RFD

___________________________________________________________________________________________________
City and State

___________________________________________________________________________________________________
Employed By:	\|	Rolled print of right thumb	\|
_________________________________________________	\|	(If impossible then some	\|
Age	Height	\|	other fingerprint. Designate which.)	\|
			\|		\|
_________________________________________________	\|		\|
Weight	Race W [ ] B [ ] O [ ]	\|		\|
			\|		\|
_________________________________________________	\|		\|
Time Received:	AM PM	\|		\|
			\|		\|
_________________________________________________	\|		\|
Mail reports within 48 hours to local officers	\|	[ ] Male[ ] Female	\|
			\|		\|
_________________________________________________	\|		\|
Signature of person taking print	\|		\|
			\|		\|
_________________________________________________	\|		\|

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 446. Business Regulation § 446.205 - last updated February 09, 2022 | https://codes.findlaw.com/mi/chapter-446-business-regulation/mi-comp-laws-446-205/

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