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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A pawnbroker shall hold pledged goods not redeemed by the pledgor on or before the maturity date stated in the pawn ticket issued in connection with a pawn transaction for at least 30 days after that date.
(b) On or before the 30th day after the original maturity date, the pledgor may redeem the pledged goods by paying:
(1) the originally agreed redemption price; and
(2) an additional pawn service charge equal to one-thirtieth of the original monthly pawn service charge for each day after the original maturity date, including the day on which the pledged goods are finally redeemed.
(c) Pledged goods not redeemed on or before the 30th day after the original maturity date may, at the option of the pawnbroker, be forfeited to the pawnbroker.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 371.169. Unredeemed Pledged Goods; Forfeiture - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-371-169/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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