Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this part, have
				  the following meanings, unless the context clearly indicates otherwise:
Act
-The Pawnbrokers License Act
				  (63
				  P. S. §
										281-1-281-32).
Capital
-Tangible net worth which shall be
				  maintained at all times by the licensee.
Charges
-The aggregate total of interest,
				  fees for storage, insurance, investigation and other services rendered by
				  pawnbrokers licensed under the statutes of the Commonwealth.
Department
-The Department of Banking and
				  Securities of the Commonwealth.
Initial applicant
-An individual,
				  partnership, association, business corporation, nonprofit corporation, common
				  law trust, joint-stock company or any group of individuals however organized
				  applying for a license under the act or any person appearing as owner, partner,
				  officer, director, trustee or other official of a partnership, association,
				  business corporation, nonprofit corporation, common law trust, joint-stock
				  company or any group of individuals however organized, on the application for
				  license under the act. This applicant for license does not possess a license
				  for the license term that expires immediately prior to the term being applied
				  for regarding the proposed license location.
License
-A license issued by the Secretary
				  under the act that permits an initial applicant or renewal applicant to engage
				  in the pawnbroker business at a particular business location to the extent
				  provided in the license's terms.
Licensee
-A pawnbroker licensed by the
				  Department to do business under this part.
Month
-The period elapsing between a certain
				  date in 1 calendar month, to and including the same date in the next succeeding
				  month.
Municipality
-The term includes a city, town,
				  borough or township.
Newspaper notice of renewal application
-A
				  written notice in a form prescribed by the Department. This notice shall be
				  advertised in a newspaper of general circulation by a renewal applicant for a
				  pawnbroker's renewal license. The advertisement shall be in a form prescribed
				  by the Department.
Newspaper of general circulation
-A newspaper
				  issued daily, or not less than once per week, intended for general distribution
				  and circulation, sold at fixed prices per day or week, published in the English
				  language, which satisfies the requirements of 45 Pa.C.S. Part I (relating to
				  preliminary provisions).
(i) The
				newspaper shall be:
(A) A newspaper which is
				one of general circulation in the county and is published in the city, borough
				or township in which the pawnbroker's office is to be located or already is
				located.
(B) If there is no
				newspaper as described in clause (A), a newspaper of general circulation in the
				county, published at the county seat.
(C) If there is no newspaper as described in
				clause (B), a newspaper of general circulation published in the county at the
				place nearest such city, borough or township.
(D) If there is no newspaper as described in
				clause (C), the newspaper of general circulation published at the place nearest
				the city, borough or township in an adjoining county.