1. The Laws of New York
  2. Consolidated Laws
  3. General Business
  4. Article 5: Collateral Loan Brokers


Section 49 Notice of such sale; report

General Business (GBS)

1. No pledge shall be sold unless written or printed notice of intention to sell with a statement of the article or articles to be sold has been first mailed by letter addressed to the pledgor at the address given at the time of pledging at least thirty days prior to the date of sale. If the sale shall be by public auction, then notice of every such sale shall be published for at least six days previous thereto, in at least two of the daily newspapers printed in the city where the business shall be carried on, and also in two daily newspapers of the city where the sale is to take place and to be designated by said mayor, and such notice shall specify the time and place at which such sale is to take place and the name of the auctioneers by whom the same is to be conducted together with a statement of the class of pledges to be sold and the inclusive dates and numbers of the pawn tickets of the pledges to be sold. If the pledge, at such sale, shall be purchased back by the collateral loan broker, the pledgor shall be entitled to redeem same within ten days thereafter by tendering to the collateral loan broker the amount of the loan with the interest due thereon, the amount of the auctioneer's lawful commission, lawful extra care charges, and the expense of the advertisement of the sale.

  2. Any collateral loan broker who sells defaulted pledges at public auction, pursuant to this article, shall file with the office of the local governing body issuing such license within thirty days after such sale, a verified report setting forth the name and address of the collateral loan broker, the date when and place where such sale was held, the name and address of the auctioneer that conducted such sale and shall include a schedule of each of the defaulted pledges offered at such sale, together with their pledge numbers, the amount received for each pledge and a statement that each of the pledges so listed were delivered over to the auctioneer and actually offered for sale at such auction, and in the event the collateral loan broker, during the course of such sale purchases back any such pledge, a statement setting forth which pledges were purchased back by the collateral loan broker. An affidavit of publication made by the newspaper in which the notice of each such sale was published, as provided by section fifty of this article, shall be annexed to every report filed pursuant to the provisions of this section.