§ 18-27-204 - Limitations on the purchase and disposition of personal property. - Arkansas Statutes

18-27-204. Limitations on the purchase and disposition of personal property.

(a) As used in this section, "pawnbroker" means any person, firm, or corporation, or an agent of any person, firm, or corporation, who is engaged in the business of lending money upon the security of articles of personal property or purchasing personal property.

(b) No pawnbroker shall purchase or receive personal property as security from any person under eighteen (18) years of age who has not been emancipated under 9-26-104.

(c) No pawnbroker shall dispose of personal property purchased or received as security until at least fifteen (15) calendar days after the personal property is purchased or pawned or at least seven (7) calendar days after the purchase or pawn is reported to the local police, whichever comes first, unless the personal property is redeemed by the person who sold or pawned it.

(d) The provisions of this section shall not be applicable to personal property purchased by the pawnbroker from a retailer or a wholesaler.

(e) (1) The failure on the part of a pawnbroker to comply with a provision of this section shall be a violation.

(2) Upon conviction, the offender shall be punished by a fine of not more than one thousand dollars ($1,000).