Montana § 7-21-2120 - Regulation Of Pawnbrokers -- Definition

§ 7-21-2120. Regulation Of Pawnbrokers -- Definition

Regulation of pawnbrokers -- definition. (1) The board of county commissioners may, by the adoption of an ordinance that substantially complies with the provisions of 7-5-103 through 7-5-107 , regulate the activities of pawnbrokers located outside the boundaries of an incorporated city or town. The regulations may include but are not limited to: (a) standards for recordkeeping for all pawns, purchases, and sales; (b) a provision for a waiting period to allow investigators time to examine merchandise; (c) required forms of identification needed by persons pledging or selling articles; and (d) penalty provisions for pawnbrokers who fail to comply with the regulations. (2) For the purpose of this section, "pawnbroker" means a person engaged in conducting or carrying on the business of loaning money on the person's own behalf or for another, upon personal property, personal security, pawns, or pledges, or engaged in the business of purchasing articles of personal property and reselling or agreeing to resell the articles to the vendors or their assigns at prices agreed on at or before the time of purchase.