Register May 2011 No. 665
Chapter DFI-Bkg 77
PAWNBROKERS
DFI-Bkg 77.01   Scope.
DFI-Bkg 77.02   Definitions.
DFI-Bkg 77.03   Hours and days of operation.
DFI-Bkg 77.04   Holding period.
DFI-Bkg 77.05   Law enforcement requests and orders.
DFI-Bkg 77.06   Notice of sale.
DFI-Bkg 77.07   Effect of nonredemption.
DFI-Bkg 77.08   Agreements and extensions.
DFI-Bkg 77.09   Prohibited practices.
DFI-Bkg 77.10   Lost or damaged goods.
Ch. DFI-Bkg 77 Note Note: Chapter Bkg 77 was renumbered Chapter DFI-Bkg 77 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, June, 1997, No. 498, eff. 7-1-97. Chapter DFI-Bkg 77 was repealed and recreated by emergency rule effective October 1, 2006; and as it existed on March 31, 2007, was repealed and a new chapter DFI-Bkg 77 was created, Register March 2007 No. 615, effective April 1, 2007.
DFI-Bkg 77.01 DFI-Bkg 77.01Scope. This rule applies to any person licensed under s. 138.09, Stats., who is operating as a pawnbroker.
DFI-Bkg 77.01 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.02 DFI-Bkg 77.02Definitions. In this chapter:
DFI-Bkg 77.02(1) (1) “Hold order" means an order issued by a local, state or federal law enforcement agency directing a pawnbroker to hold any tangible pledged personal property for purposes of further investigation by the agency.
DFI-Bkg 77.02(2) (2) “Pawnbroker" includes any person who engages in the business of lending money on the deposit or pledge of personal property, other than choses in action, securities, or written evidences of indebtedness, or who purchases personal property with an expressed or implied agreement or understanding to sell it back at a subsequent time at a stipulated price.
DFI-Bkg 77.02(3) (3) “Pawn ticket" means the card, book, receipt or other record furnished to the pledgor at the time a loan is granted containing the terms of the contract for a loan.
DFI-Bkg 77.02(4) (4) “Person" includes an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any other group of individuals however organized.
DFI-Bkg 77.02(5) (5) “Pledge" means an article or articles deposited with a pawnbroker as security for a loan in the course of the pawnbroker's business as defined in sub. (2).
DFI-Bkg 77.02(6) (6) “Pledgor" means the person who obtains a loan from a pawnbroker and delivers a pledge into the possession of a pawnbroker, unless the person discloses that he or she is or was acting for another in which case a “pledgor" means the disclosed principal.
DFI-Bkg 77.02 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.03 DFI-Bkg 77.03Hours and days of operation.
DFI-Bkg 77.03(1) (1) A pawnbroker shall not be open for business on any day prior to 8:00 a.m. or after 8:00 p.m.
DFI-Bkg 77.03(2) (2) A pawnbroker's normal business hours shall be posted in the licensed office and visible from the main public entrance of the pawnbroker's place of business.
DFI-Bkg 77.03(3) (3) If a pawnshop is closed on the last day that the pledgor may redeem a pledge, the pledgor shall have until the close of business on the next day the pawnshop is open to redeem the pledged goods or renew or extend the pawn transaction.
DFI-Bkg 77.03 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.04 DFI-Bkg 77.04Holding period. No unredeemed pledge may be sold before the expiration of 30 days after the original or extended maturity date of the loan.
DFI-Bkg 77.04 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.05 DFI-Bkg 77.05Law enforcement requests and orders.
DFI-Bkg 77.05(1)(1) Every pawnbroker shall provide to or make available for inspection by local, state and federal law enforcement agencies the records of all pledges received. The pawnbroker shall comply with the requests of these agencies regarding the frequency and means of the records reporting.
DFI-Bkg 77.05(2) (2) A hold order shall be effective upon written or verbal notification to the pawnbroker by a local, state or federal law enforcement agency. No sale or other disposition may be made of any tangible personal property deposited with or in the custody of the pawnbroker while the hold order remains in effect.
DFI-Bkg 77.05 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.06 DFI-Bkg 77.06Notice of sale. A pawnbroker shall not sell any pledge unless notice of the sale has been forwarded to the pledgor at the address given by the pledgor at the time of obtaining the loan or to a new address of the pledgor, as shown in the pawnbroker's record. Notice of the sale shall be mailed to the pledgor not less than 30 days prior to the date of sale. The notice shall state the total amount of principal, interest and charges due on the loan as of the date of the notice.
DFI-Bkg 77.06 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.07 DFI-Bkg 77.07Effect of nonredemption. A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within 30 days after the original or extended maturity date of the loan shall automatically be forfeited to the pawnbroker.
DFI-Bkg 77.07 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.08 DFI-Bkg 77.08Agreements and extensions.
DFI-Bkg 77.08(1) (1) A pawnbroker and pledgor may agree to one or more extensions of a pawn transaction. The agreement shall be in writing and signed by the pledgor. A copy of the agreement shall be given to the pledgor.
DFI-Bkg 77.08(2) (2) The agreement shall disclose the pawn ticket number, the date of the extension agreement, the extended due date, the dollar amount collected on the date of the extension agreement, the dollar amount extended, the dollar amount of the finance charge to be paid for the extension period, the total amount due on the extended due date, and the notice required by s. 422.303 (3), Stats.
DFI-Bkg 77.08(3) (3) The annual percentage rate of finance charge assessed on the unpaid balance of the amount financed during the extension period may not exceed the annual percentage rate of finance charge disclosed in the pawn transaction.
DFI-Bkg 77.08 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.09 DFI-Bkg 77.09Prohibited practices. A pawnbroker shall not do any of the following:
DFI-Bkg 77.09(1) (1) Accept a pledge of a vehicle of a type for which a certificate of title is required.
DFI-Bkg 77.09(2) (2) Fail to exercise reasonable care to protect pledged goods from loss or damage.
DFI-Bkg 77.09(3) (3) Fail to return pledged goods to a pledgor or seller when the pledgor or seller pays the full amount due the pawnbroker within 30 days of the original or extended maturity date of the loan, or the pledged goods have been taken into custody by a court or local, state or federal law enforcement agency.
DFI-Bkg 77.09 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
DFI-Bkg 77.10 DFI-Bkg 77.10Lost or damaged goods. A pawnbroker shall compensate the pledgor, in cash or replacement goods acceptable to the pledgor, for the fair market value of a pledge lost or damaged while in possession of the pawnbroker.
DFI-Bkg 77.10 History History: CR 06-124: cr. Register March 2007 No. 615, eff. 4-1-07.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.