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LSDefine

Simple English definitions for legal terms

pawnbroker

Read a random definition: entity

A quick definition of pawnbroker:

A pawnbroker is someone who lends money to people and takes something valuable from them as a guarantee that they will pay back the money. This valuable item is called collateral. If the borrower doesn't pay back the money, the pawnbroker can sell the item to get their money back. Each state has rules that pawnbrokers must follow to make sure they treat people fairly.

A more thorough explanation:

A pawnbroker is a person who lends money to someone in exchange for personal property as collateral. The borrower has a certain amount of time to repay the loan with interest. If they fail to do so, the pawnbroker has the right to sell the property to recoup their losses.

Each state has its own regulations for pawnbroking. For example:

  • Arizona Revised Statutes, Sections 44-1621 to 44-1632
  • Nevada Revised Statutes, Sections 646.002 to 646.060
  • Illinois Pawnbroker Regulation Act
  • Ohio Revised Code, Sections 4727.01 to 4727.99

For instance, if someone needs money quickly but doesn't have good credit, they might go to a pawnbroker and offer their watch as collateral. The pawnbroker would lend them money and hold onto the watch until the loan is repaid. If the borrower doesn't repay the loan, the pawnbroker can sell the watch to recover their money.

pawn | pay or quit

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General chat about the legal profession.
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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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