63 Pa. Stat. § 281-2

Current through P.A. Acts 2023-32

Section 281-2 - Definitions

The following terms shall be construed in this act to have the following meanings, except in those instances where the context clearly indicates otherwise.

"Pawnbroker" includes any person, who--

(1) engages in the business of lending money on the deposit or pledge of personal property, other than choses in action, securities, or written evidences of indebtedness; or

(2) purchases personal property with an expressed or implied agreement or understanding to sell it back at a subsequent time at a stipulated price; or

(3) lends money upon goods, wares or merchandise pledged, stored or deposited as collateral security.

"Pledge" means an article or articles deposited with a pawnbroker as security for a loan in the course of his business as defined in the preceding paragraph.

"Pledger" means the person who obtains a loan from a pawnbroker and delivers a pledge into the possession of a pawnbroker, unless such person discloses that he is or was acting for another in which case a "pledger" means the disclosed principal.

"Person" includes an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any group of individuals however organized.

"Pawnbroking" means the business of a pawnbroker as defined in this act.

"Pawn Ticket" means the card, book, receipt or other record furnished to the pledger at the time a loan is granted containing the terms of the contract for a loan.

"Applicant" means any individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any group of individuals however organized applying for a license under this act and/or any person appearing as owner, partner, officer, director, trustee or other official of a partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any group of individuals however organized, on such application for license under this act.

"Municipality" includes a city, town, borough or township.

"Secretary of Banking" includes a designee of the Secretary of Banking.

63 P.S. § 281-2

1937, April 6, P.L. 200, § 2. Amended 1947, June 20, P.L. 701, § 1; 1994, Dec. 28, P.L. 1402, No. 163, § 1, effective in 60 days.