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This entry was published on 2014-09-22
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SECTION 49
Notice of such sale; report
General Business (GBS) CHAPTER 20, ARTICLE 5
§ 49. Notice of such sale; report. 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.