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SECTION 6.25 PAWNBROKERS - RESTRICTIONS ON LOANS, RECORD KEEPING, RETENTION OF GOODS, ETC.

.1 No Pawnbroker shall enter into a loan agreement or take merchandise as collateral for a loan from a person under 21 years of age.

.2 The interest rate charged by a Pawnbroker shall not exceed 10% per month.

.3 Every Pawnbroker shall keep a book in which, at the time of accepting items in pawn, he shall record a description of all merchandise taken, including distinguishing marks and numbers, the date and time of the transaction, the amount of money loaned, the rate of interest to be paid, and the name and residence of the person pawning said articles.

.4 Records required in Section 6.25.3 shall be written legibly in English and a copy shall be transmitted to the Malden Police Department weekly in such manner as the Police Chief shall determine. Every Pawnbroker or his agents and employees shall, upon request, permit members of the Malden Police Department to examine all pawned goods and all records related thereto.

.5 Every Pawnbroker shall, at the time of making a loan, shall provide the borrower with a signed memorandum containing the substance of the entry made in his records. No additional charge shall be imposed for the memorandum required by this section.

.6 Every Pawnbroker shall retain all items deposited with him on his premises until redeemed or until four months from the date of deposit have expired; provided that perishable goods shall be retained until redeemed or until the expiration of one month from the date of deposit. After the expiration of the applicable time period, a Pawnbroker may sell said articles at public auction, apply the proceeds thereof the debt and the expense of notice and sale, and pay any surplus to the person entitled to the same on demand. Prior to any sale under the section, the Pawnbroker shall send written notice of said sale by certified mail to the owner of the merchandise to be sold. Said notice shall be made no less than ten (10) days before the intended sale.

.7 Every Pawnbroker shall retain all records relating to pawning of merchandise for a period of three years from the date of deposit of said merchandise with him.