§ 91A-9. Pawnbroker transactions. - North Carolina Statutes

§91A‑9.  Pawnbroker transactions.

In every pawn transaction:

(1)        The original pawncontract shall have a maturity date of not less than 30 days, provided thatnothing herein shall prevent the pledgor from redeeming the property before thematurity date;

(2)        Any personalproperty pledged to a pawnbroker in this State is subject to sale or disposalwhen there has been no payment made on the account for a period of 60 days pastmaturity date of the original contract; provided that the contract between thepledgor and the pawnbroker is renewable if renewal is agreed upon by both theparties;

(3)        Every pawn ticket orreceipt for such pawn shall have printed thereon the provisions of subdivision(1) of this section which shall constitute: (i) notice of such sale ordisposal, (ii) notice of intention to sell or dispose of the property withoutfurther notice, and (iii) consent to such sale or disposal.  The pledgorthereby forfeits all right, title and interest of, in, and to such pawnedproperty to the pawnbroker who thereby acquires absolute title to the same,whereupon the debt is satisfied and the pawnbroker may sell or dispose of theunredeemed pledges as his own property.  Any sale or disposal of property underthis section terminates all liability of the pawnbroker and vests in thepurchaser the right, title, and interest of the borrower and the pawnbroker;

(4)        If the borrowerloses his pawn ticket he shall not thereby forfeit his right to redeem, butmay, before the lapse of the redemption period, make an affidavit withindemnification for such loss. The affidavit shall describe the property pawnedand shall take the place of the lost pawn ticket unless the pawned property hasalready been redeemed with the original pawn ticket; and

(5)        A pledgor is notobligated to redeem pledged goods or make any payment on a pawn transaction. (1989,c. 638, s. 2.)