§ 5642. Feeding of Sharks
TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5642. Pawnbroker Business License Required. (a) No person shall engage in or conduct business as a pawnbroker, or adver- tise, transact, or solicit business as a pawnbroker except as authorized by this article and only after obtaining a pawnbroker’s license from the Secretary of Commerce. (b) No person shall be issued a pawnbroker’s license if the applicant has been convicted of a felony, or a misdemeanor offense involving theft, fraud, or moral turpitude. (c) A non-refundable annual license fee of 75,000, fifty percent of which shall be in cash, for each place of business to be conducted by the licensee. (g) Upon the filing of a business license application and the payment of the annual license fee, the secretary shall issue a pawnbroker business license to the applicant if the secretary finds that based on the financial standing, business experience, and character of the applicant the business will be operated honestly and fairly, and that the convenience and needs of the public justifies the operation of a pawnbroker’s business in the community where the applicant proposes to operate. The license shall be effective for one year unless it is earlier surrendered, revoked, or suspended. If the secretary denies the license application, it shall notify the applicant of the denial in writing. (h) A pawnbroker’s license shall not be transferable or assignable to another person. A separate license application and fee must be filed and paid for each place of business. (i) If a licensee proposes to change its place of business to another location, he shall first file a written request to the secretary, who may approve or deny the request. The request shall be in a form prescribed by the secretary. (j) Before hiring any employee, the licensee must receive a police clearance from the court for such employee and shall submit such clearance to the secretary for approval.
TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION (k) A licensee shall submit the renewal application and pay the annual license fee to the secretary not later than 30 days before expiration of one’s license. If a licensee fails to pay the fee and submit the renewal application, the secretary may impose a late penalty of five dollars per day, after expiration of one’s license. (l) No licensee may accept or receive any firearm or ammunition as pledge or pawn. Source: PL 11-65, § 4 (5621), modified.
Source: CNMI Law Revision Commission