pawnbroker

A person who lends money for interest and receives personal property from the borrower as collateral. If the borrower does not repay the loan within a specified amount of time, the pawnbroker has a right to sell the goods deposited to them.

Pawnbroking is regulated by state statutes. For example:

• Sections 44-1621 to 44-1632 of the Arizona Revised Statutes

• Sections 646.002 to 646.060 of the Nevada Revised Statutes

• The Illinois Pawnbroker Regulation Act  

• Sections 4727.01 to 4727.99 of the Ohio Revised Code

[Last updated in July of 2020 by the Wex Definitions Team]