§ 36-19. Definitions.

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Lottery means an administrative process conducted by the license administrator annually when a license becomes available. The license administrator accepts applications for either pawn broker or precious metals dealer licenses every December 1. Applications will be numbered and selected randomly only after applicants pre-qualify by meeting all eligibility requirements of section 36-49 of this chapter.

Net assets means the book value of current assets of a person or pawnbroker or precious metals dealer less its applicable liabilities as stated in this definition. Current assets include investments made in cash, bank deposits, merchandise inventory, and loans due from customers. Current assets do not include the investments made in fixed assets of real estate, furniture, fixtures, or equipment, investments made in stocks, bonds, or other securities, investments made in prepaid expenses or other general intangibles. Applicable liabilities include trade or other accounts payable, accrued sales income or other taxes, or accrued expenses and other payables that are unsecured or secured in whole or in part by current assets. Applicable liabilities do not include liabilities secured by assets other than current assets. Net assets must be represented by a capital investment unencumbered by any liens or other encumbrances to be subject to the claims of general creditors. If the pawnshop is a corporation, the capital investment consists of common or preferred shares and a capital or earned surplus as those terms are defined by law; if it is any other form of business entity, the capital investment consists of a substantial equivalent of that of a corporation or is determined by generally accepted accounting principles.

Pawnbroker means any person who loans money on deposit or pledge of personal property or other valuable thing other than intangible personal property or who deals in the purchase of personal property on the condition of selling the same back again at a stipulated price. The term "pawnbroker" does not include any person operating under the supervision of the state banking commissioner, credit union administrator or the consumer credit commissioner of this state.

Precious metal means gold, silver or platinum group metals or any used articles or other used personal property containing such metals, but shall not include coins purchased for their metal content or ingots or other industrial residue or byproducts composed of such metals purchased from manufacturing firms.

Precious metal dealer means any person who engages in the business of purchasing precious metal for the purpose of reselling such metal in any form.

Report means all of the transaction information that is required to be reported pursuant to section 36-25 of this chapter both in hard copy and in an electronic format as approved by the chief of police.

(Code 1988, § 36-17; Ord. No. 65555, § 1, 8-2-1990; Ord. No. O-56-11, § 1, 12-1-11)

State law reference

Similar provisions, K.S.A. 16-706.

Cross reference

Definitions generally, § 1-2.