In a tough economy, pawnbrokers are a thriving sector. A new law will make it easier for them to manage their inventory.
The law standardizes a 60-day maximum redemption period for a pawn transaction. It allows pawnbrokers to return, sell or remove inventory from display after the redemption period is reached, or after 31 days for inventory purchased other than through a pawn transaction.
It also repeals a state requirement that pawn shops be located at least 10 driving miles from any casino.
Except for the standardized redemption period, municipalities may regulate pawn businesses or transactions more restrictively.
The law, sponsored by Rep. Tim Sanders (R-Blaine) and Sen. David Brown (R-Becker), takes effect Aug. 1, 2011.
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