§ 54-31. Definitions.

Latest version.

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Pawnbroker means every individual or business entity which lends money on the deposit or pledge of physically delivered personal property, other than property the ownership of which is subject to a legal dispute, securities, printed evidence of indebtedness or printed evidence of ownership of the personal property, or who deals in the purchase of such property on the condition of selling the property back again at a stipulated price. The business of a pawnbroker does not include the lending of money on deposit or pledge of title to property. Any person who engages in such activity more than five times in a six-month period shall be deemed to be conducting business as a pawnbroker. The building or structure where such activity occurs is considered a pawnshop. This definition is not intended to include consignment shops and businesses of a similar nature.

(Ord. No. 40-97, § 1(50.301), 11-19-1997)

State law reference

Similar provisions, 205 ILCS 510/1.

Cross reference

Definitions generally, § 1-2.

                    
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