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Tex. Fin. Code § 371.169

UNREDEEMED PLEDGED GOODS; FORFEITURE

Known as the Texas Pawnshop Act

The act spans §§ 371–371 (95 sections).

Applied in 2 court decisions — leading case CASH AMERICA ADVANCE, INC. v. Prado (2008)

Most recently applied in CASH AMERICA ADVANCE, INC. v. Prado (September 2008)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff

(a) A pawnbroker shall hold pledged goods not redeemed by the pledgor on or before the maturity date stated in the pawn ticket issued in connection with a pawn transaction for at least 30 days after that date.

(b) On or before the 30th day after the original maturity date, the pledgor may redeem the pledged goods by paying:

(1) the originally agreed redemption price; and

(2) an additional pawn service charge equal to one-thirtieth of the original monthly pawn service charge for each day after the original maturity date, including the day on which the pledged goods are finally redeemed.

(c) Pledged goods not redeemed on or before the 30th day after the original maturity date may, at the option of the pawnbroker, be forfeited to the pawnbroker.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.