§ 11-222. Holding period.

(a)

Immediate seven-day hold period. Any regulated property obtained by purchase by any pawnbroker shall be retained for a minimum of seven days in their possession, providing nothing herein shall prevent its sale thereafter as long as possession is retained for the seven-day period. This does not apply when the person known to the regulated entity to be the same person who pawned the regulated property with the pawnbroker seeks to redeem, purchase, or recover the regulated property.

(b)

Additional seven-day hold period. Whenever a law enforcement officer has reasonable cause to believe that certain items in the possession of a pawnbroker have been stolen, the law enforcement officer may issue a seven-day hold notice to the pawnbroker. Such notice shall be delivered to and inform the pawnbroker of the following:

(1)

The specific identification of any regulated property, or any portion thereof, that are believed to have been stolen and that are subject to the notice.

(2)

The pawnbroker may not process or remove the items of regulated property identified in the notice, or any portion thereof, from the place of business of the regulated entity for seven days after receipt of the notice of the additional hold period unless sooner released by the law enforcement officer.

(3)

At the expiration of the additional hold period, unless another disposition has been ordered by the court of law, the regulated property may be disposed. Such authorization shall not relieve the pawnbroker of any responsibility in the event said regulated property is later determined to be stolen.

(Ord. No. 2012-43, § 2, 7-10-12)