CHAPTER 586
An Act to amend and reenact § 54.1-4005 of the Code of
Virginia, relating to pawnbrokers; holding period for purchases.
[S 556]
Approved April 4, 2012
Be it enacted by the General Assembly of Virginia:
1. That § 54.1-4005 of the Code of Virginia is
amended and reenacted as follows:
§ 54.1-4005. Sale of goods pawned.
No pawnbroker shall sell any pawn or pledge item until (i) it
has been in his possession for the minimum term set forth in the memorandum, but
not less than thirty 30 days, plus a grace period of fifteen
15 days and (ii) a statement of ownership is obtained from the pawner.
If a motor vehicle is pawned, the owner of the motor vehicle shall comply with the
requirements of § 46.2-637. In the event of default by the pawner, the
pawnbroker must shall comply with the requirements of § 46.2-633.
Otherwise, the pawnbroker must shall comply with the requirements
of § 46.2-636 et seq. All sales of items pursuant to this section may be
made by the pawnbroker in the ordinary course of his business.
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