<<Prev Rule

Texas Administrative Code

Next Rule>>
TITLE 7BANKING AND SECURITIES
PART 5OFFICE OF CONSUMER CREDIT COMMISSIONER
CHAPTER 85PAWNSHOPS AND CRAFTED PRECIOUS METAL DEALERS
SUBCHAPTER ARULES OF OPERATION FOR PAWNSHOPS
DIVISION 4OPERATION OF PAWNSHOPS
RULE §85.420Purchase Transactions

(a) Relevant pawn provisions. Accepting goods in a purchase transaction must be done in compliance with all relevant administrative rules, in the context of the purchase transaction in the same manner as if the transaction were a pawn transaction. These rules include:

  (1) §85.405(a)(5) of this title--Legible information;

  (2) §85.405(a)(6) of this title--Identification of pledgor or seller;

  (3) §85.405(c) of this title--Identification of pledged goods;

  (4) §85.405(e) of this title--Standards for describing goods;

  (5) §85.405(f) of this title--Titled goods;

  (6) §85.406 of this title--Law Enforcement Reporting;

  (7) §85.418 of this title--Acceptance of Goods; and

  (8) §85.419 of this title--Hold Orders.

(b) Hold Period.

  (1) Each item of personal property purchased from the general public must be held at the licensed pawnshop location from the purchase date before being modified, changed, sold, or disposed of in any manner for a period of:

    (A) at least 20 days; or

    (B) a period of less than 20 days if a local jurisdiction has enacted an ordinance that specifies the hold period.

  (2) A reduced hold period of seven days or less may be agreed upon by the pawnbroker and the law enforcement agency if the pawn and purchase ticket information is exchanged electronically. The agreement for a reduced hold period must not conflict with any local ordinance and must be submitted to the commissioner in writing by and through the chief local law enforcement officer for the jurisdiction.


Source Note: The provisions of this §85.420 adopted to be effective April 5, 2001, 26 TexReg 2536; amended to be effective September 19, 2005, 30 TexReg 5337; amended to be effective June 7, 2010, 35 TexReg 3471

Next Page Previous Page



Home TxReg TAC OM NewTac Public Footer Bar