Section 67.3. Conditions

Latest version.

(a) A pledge shall not be sold at a private sale unless the pledgor has agreed to the minimum amount for which the pledge shall be sold. This price shall be stipulated on the pawn ticket.
(b) The private sale price shall be subject to the following conditions:
(1) Sale price shall be at least 125% of the original amount of the loan.
(2) Pledgor shall not be compelled to set a minimum price.
(3) Pledgor may fix a price at an amount in excess of 125% of the amount of the loan.
(4) Licensees shall not influence the pledgor in determining the amount of the price.
(c) All pledges which cannot be sold for at least the minimum private sale price, and all pledges upon which a minimum price has not been agreed, shall be sold at public auction sale.

                    
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