SECTION 85.420. Purchase Transactions

(a) Relevant pawn provisions. Accepting goods in a purchase transaction must be done in compliance with all relevant administrative rules, in the context of the purchase transaction in the same manner as if the transaction were a pawn transaction. These rules include:

(1) §85.405(a)(5) of this title--Legible information;

(2) §85.405(a)(6) of this title--Identification of pledgor or seller;

(3) §85.405(c) of this title--Identification of pledged goods;

(4) §85.405(e) of this title--Standards for describing goods;

(5) §85.405(f) of this title--Titled goods;

(6) §85.406 of this title--Law Enforcement Reporting;

(7) §85.418 of this title--Acceptance of Goods; and

(8) §85.419 of this title--Hold Orders.

(b) Hold period.

(1) Each item of personal property purchased from the general public must be held at the licensed pawnshop location from the purchase date before being modified, changed, sold, or disposed of in any manner for a period of:

(A) at least 20 days; or

(B) a period of less than 20 days if a local jurisdiction has enacted an ordinance that specifies the hold period.

(2) A reduced hold period of less than 20 days may be agreed upon by the pawnbroker and the law enforcement agency if the pawn and purchase ticket information is exchanged electronically. The agreement for a reduced hold period must not conflict with any local ordinance and must be submitted to the commissioner in writing by and through the chief local law enforcement officer for the jurisdiction. If a pawnshop holds personal property for less than 20 days under an agreement with local law enforcement, then the pawnshop must maintain a copy of the agreement, and must provide a copy of the agreement to the OCCC upon request.

Source Note: The provisions of this §85.420 adopted to be effective April 5, 2001, 26 TexReg 2536; amended to be effective September 19, 2005, 30 TexReg 5337; amended to be effective June 7, 2010, 35 TexReg 3471; amended to be effective July 1, 2014, 39 TexReg 3392; amended to be effective January 1, 2017, 41 TexReg 8815; amended to be effective October 1, 2022, 47 TexReg 5333