(a) A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within at least 60 days of the date of the pawn transaction shall automatically be forfeited to the pawnbroker, and qualified right, title, and interest in and to the goods shall automatically vest in the pawnbroker.
(b) The pawnbroker's right, title, and interest in the pledged goods under paragraph (a) is qualified only by the pledgor's right, while the pledged goods remain in possession of the pawnbroker and not sold to a third party, to redeem the goods by paying the loan plus fees and/or interest accrued up to the date of redemption.
(c) A pawn transaction that involves holding only the title to property is subject to chapter 168A or 336.
1996 c 404 s 6; 2017 c 94 art 8 s 11
Structure Minnesota Statutes
Chapters 324 - 341 — Trade Regulations, Consumer Protection
Section 325J.01 — Definitions.
Section 325J.02 — Municipal Licensing And Regulation.
Section 325J.03 — Licensee Eligibility.
Section 325J.04 — Pawn Tickets.
Section 325J.05 — Records; Retention.
Section 325J.06 — Effect Of Nonredemption.
Section 325J.07 — Permitted Charges.
Section 325J.08 — Records; Prohibitions.
Section 325J.09 — Redemption; Risk Of Loss.
Section 325J.095 — Motor Vehicle Title Pawn Transactions; Special Provisions.