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LSDefine

Simple English definitions for legal terms

pawnbroker

Read a random definition: disturbance of common

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

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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