§ 5.44.010. Definitions.

As used in this chapter:

A.

"Pawnbroker" means a person engaged in the business of making pawn transactions;

B.

"Pawnbrokers Act" means the enabling statute as enacted, approved and codified in the New Mexico Statutes Annotated;

C.

"Pawn service charge" means the sum of all charges, payable directly or indirectly by the pledgor and imposed directly or indirectly by the pawnbroker as an incident to the pawn transaction;

D.

"Pawnshop" means the location or premises at which a pawnbroker regularly conducts his business;

E.

"Pawn transaction" means either the act between a pawnbroker and a person pledging a good of lending money or extending credit on the security of pledged goods or of purchasing tangible personal property with an express or implied agreement or understanding that it may be redeemed or repurchased by the seller at a stipulated price;

F.

"Person" means an individual, partnership, corporation, joint venture, trust, association or any other legal entity however organized;

G.

"Pledged goods" means tangible personal property other than those in action, securities or printed evidences of indebtedness, which property is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of his business in connection with the pawn transaction;

H.

"Police department" means the chief of police, his designee or the police department.

(Ord. 1267-85 § 1, 1985).