Section 67.11. Application

Latest version.

(a) The proceeds from the sale of a pledge shall be applied as follows:
(1) Payment of the charges of the auctioneer, if sold at public sale.
(2) Payment of selling commission, not to exceed 5.0%, if sold at private sale.
(3) Payment of principal and charges on the loan.
(4) Payment of postage for mailing notice of sale and notice of surplus.
(b) A selling commission on private sale shall not be charged when a forfeited pledge is sold to the licensee or to any person who is in any way affiliated with the licensee.
(c) Surplus, if any, remaining from the proceeds of the sale of a forfeited pledge shall be paid to the pledgor.
(d) A surplus from the sale of the pledge or pledges on one loan or pawn ticket shall not be applied as an offset against a deficit from the sale of the pledge or pledges on another loan or pawn ticket of the same pledgor.

                    
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