SECTION 85.605. Redemption of Goods after License Revocation or Suspension

A pawnshop that ceases operation must make reasonable accommodations to ensure that a pledgor has an opportunity to redeem pledged goods. A sign must be posted in compliance with §85.401(b) of this title (relating to Hours and Days of Operation) that informs a pledgor of the process of redemption. A copy of the posting along with additional contact information must be submitted to the commissioner. The opportunity for redemption may be made by allowing the pledgor to redeem even though the pawnshop is no longer in business or by providing accommodations so that the pledgor may redeem goods through another licensed pawnshop.

Source Note: The provisions of this §85.605 adopted to be effective October 1, 2000, 25 TexReg 9213; amended to be effective June 7, 2010, 35 TexReg 3471