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Mississippi Code Title 75. Regulation of Trade, Commerce and Investments § 75-67-305

Current as of January 01, 2025 | Updated by Findlaw Staff

(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 following:

(i) Brand name;

(ii) Model number;

(iii) Serial number;

(iv) Size;

(v) Color, as apparent to the untrained eye;

(vi) Precious metal type, weight and content, if known;

(vii) Gemstone description, including the number of stones;

(viii) In the case of firearms, the type of action, caliber or gauge, number of barrels, barrel length and finish; and

(ix) Any other unique identifying marks, numbers, names or letters;

(b) The name, residence address and date of birth of pledgor or seller;

(c) Date of pawn or purchase transaction;

(d) Driver's license number, social security number, Mississippi identification card number, as defined in Section 45-35-1, or tribal identification card number of the pledgor or seller or identification information verified by at least two (2) forms of identification, one (1) of which must be a photographic identification;

(e) Description of the pledgor including approximate height, sex and race;

(f) Amount of cash advanced;

(g) The maturity date of the pawn transaction and the amount due; and

(h) The monthly rate and pawn charge. Such rates and charges shall be disclosed using the requirements prescribed in Regulation Z (Truth in Lending) of the rules and regulations of the Board of Governors of the Federal Reserve.

(2) Each pawn or purchase transaction document shall be consecutively numbered and entered in a corresponding log or record book. Separate logs or record books for pawn and purchase transactions shall be kept.

(3) Records may be in the form of traditional hard copies, computer printouts or magnetic media if readily accessible for viewing on a screen with the capability of being promptly printed upon request.

(4) Every licensee shall maintain a record which indicates the total number of accounts and the total dollar value of all pawn transactions outstanding as of December 31 of each year.

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Cite this article: FindLaw.com - Mississippi Code Title 75. Regulation of Trade, Commerce and Investments § 75-67-305 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-75-regulation-of-trade-commerce-and-investments/ms-code-sect-75-67-305/

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