Louisiana § RS 37:1782 - Definitions

§ RS 37:1782. Definitions

As used in this Part:

(1)  "Applicable liabilities" include trade or other accounts payable; accrued sales, income, or other taxes; accrued expenses; and notes or other payables that are unsecured or secured in whole or part by current assets.

(2)  "Commissioner" means the commissioner of the Office of Financial Institutions within the office of the governor.

(3)  "Current assets" include an investment made in cash, bank deposits, merchandise inventory and loans due from customers, excluding the pawn service charge.  The term does not include an investment made in any of the following:

(a)  Fixed assets of real estate, furniture, fixtures, or equipment.

(b)  Stocks, bonds or other securities.

(c)  Prepaid expenses or other general intangibles.

(4)  "Jewelry" means things consisting of precious stones and/or precious metals worn as adornment or apparel.

(5)  "Law enforcement officer" means:

(a)  The law enforcement officers of the office of state police and the probation and parole officers of the division of probation and parole of the Department of Public Safety and Corrections.

(b)  The superintendent of the police of the city or town in which the pawnbroker maintains a pawnshop or his duly authorized designee having been so designated by title or position as one regularly responsible for the inspection and regulation of pawnshops or one designated in writing to enforce the provisions of this Part.

(c)  The sheriff of the parish in which the pawnbroker maintains a pawnshop or his duly authorized designee having been so designated by title or position as one regularly responsible for the inspection and regulation of pawnshops or one designated in writing to enforce the provisions of this Part.

(6)  "License" means the certificate of authority to operate a pawnshop as issued by the commissioner.

(7)  "Maturity date" means the last date subsequent to the pawn transaction upon which the pledgor can redeem a pledged thing.

(8)  "Month" means that period of time from one date in a calendar month to the corresponding date in the subsequent calendar month.  If the subsequent calendar month has no corresponding date, the last day of the subsequent month shall be considered the corresponding date.  In the event any period consists of more than one month and the last month has no corresponding date, the last day of the last month shall be considered the corresponding date.

(9)  "Net assets" means the book value of current assets less applicable liabilities.

(10)  "Pawnbroker" means a person who lends money on a deposit or pledge or who takes other things into possession as security for money advanced or who makes a public display at his place of business of the sign generally used by pawnbrokers to denote his business, namely, three gilt or yellow balls, or who publicly exhibits a sign that money is to be loaned on things on deposit.

(11)  "Pawnshop" means the location at which, or premises upon which, a pawnbroker regularly conducts business.

(12)  "Pawn transaction" means the lending of money on a deposit or pledge or taking other things into possession as security for money advanced.  Any arrangement whereby a seller either reserves the right to redeem or repurchase a thing shall be considered a pawn transaction and the purchaser shall be subject to the provisions of this Part.

(13)  "Person" means natural and juridical persons.

(14)  "Personally identifiable information" with respect to each pawn transaction shall consist of the following:

(a)  The pledgor's name and address.

(b)  The pledgor's sex, race, and approximate height.

(c)  The pledgor's date of birth.

(d)  The distinctive number from the pledgor's Louisiana driver's license, driver's license from another state, international driver's license, passport, or identification by a government agency or the United States Postal Service.

(15)  "Things" means any property, movable and immovable, corporeal and incorporeal, and rights therein.

(16)  "Transactional information" with respect to each pawn transaction shall consist of the following:

(a)  A clear and accurate description of the pledged things, including model and serial numbers if indicated on things.

(b)  The date of the original pawn transaction.

(c)  The maturity date of the original pawn transaction.

(d)  The date and amount of each payment made on a pawn transaction, including any extensions made.

Acts 1993, No. 391, §1, eff. Sept. 1, 1993; Acts 1995, No. 1062, §1, eff. June 29, 1995; Acts 2001, No. 8, §12, eff. July 1, 2001; Acts 2001, No. 9, §5, eff. July 1, 2001; Acts 2004, No. 80, §1, eff. May 28, 2004; Acts 2006, No. 183, §1; Acts 2012, No. 144, §1.