Collateral Loan Brokers

RCNY tit. 6, ch. 5, subch. L

in effect

6 RCNY § 5-221 Fees.

§ 5-221 Fees. No collateral loan broker shall charge or exact a fee other than that permitted by § 44 of the General Business Law, except that the collateral loan broker may charge a reasonable fee for: (1) insuring the articles from injury, fire, theft, burglary, robbery and other contingencies; and (2) extra care actually given when specifically requested by the customer and only if such fee does not exceed the following amounts: (i) Storage of furs, fur coats, fragile, delicate or bulky items: $25.00. (ii) Storage of art objects including paintings, sculptures and all works in any other medium for sizes not to exceed 36 inches by 36 inches: $25.00 plus any costs actually incurred for special crating and packaging; and for sizes exceeding the foregoing: an amount separately agreed to by the parties. (iii) Vault storage for stamp or coin collection: $20.00. (iv) Vault storage for jewelry: 2 percent of the amount of the loan not to exceed $20.00; if the loan exceeds $1,000: an amount separately agreed to by the parties. (v) Transportation of pledged items to and from the vault either by courier(s) or vehicle(s), together with security therefore: one percent of the amount loaned. (vi) Special handling or wrapping of cameras and photographic equipment: $5.00. (vii) Special handling of musical instruments: $5.00 for standard size; instruments exceeding standard size: by separate agreement of the parties. (viii) Special handling of radios, hi-fi's, VCR's, stereos and television equipment: $10.00. (ix) Special handling for other electrical apparatus, including computers: $10.00.

6 RCNY § 5-222 Caveats on Pawn Tickets.

§ 5-222 Caveats on Pawn Tickets. (a) Every ticket issued by a collateral loan broker shall include a notation in either of the following forms: "Not accountable for loss of goods by fire or theft" or "Protected against loss by fire or theft." Words having practically the same meaning as the foregoing may be used. (b) Every collateral loan broker shall, in every possible way, call attention to the contents of the pawn ticket, including the placing in a prominent position in his place of business of a sign reading: "Read your ticket." (c) In every case where a charge is made or a fee exacted for extra care, the collateral loan broker shall specifically call the pledgor's attention to the said charge at the time the loan is made, and no such charge or fee shall be allowed unless the pledgor shall sign an agreement to pay such extra charge and the fee for such extra charge, as agreed upon, shall be plainly written on the face of the pawn ticket. (d) Every collateral loan broker shall place in a prominent position in his or her place of business a reproduction of the application for the pawn ticket and the front of the pawn ticket which have been enlarged to twice their normal size, and a reproduction of the back of the pawn ticket which has been enlarged to three times its normal size.

6 RCNY § 5-223 Pledgor's Identity Required for Precious Metals. [Repealed]

6 RCNY § 5-224 Proof of Notice of Intention to Sell Pledged Property.

§ 5-224 Proof of Notice of Intention to Sell Pledged Property. Upon mailing a notice to the pledgor of an intention to sell for failure to redeem, the pledgee shall obtain from the postal authorities a receipt for the letter. This receipt, or in case of failure by the postal authorities to deliver such notice, the return letter, shall be retained as proof of compliance with the law.

6 RCNY § 5-225 Proof of Notice of Surplus Realized for Sale of Pledged Property and Arrangement for Payment to Pledgor. [Repealed]

6 RCNY § 5-226 Acceptable Forms of Verification of Pledgor's Identity and Required Records.

§ 5-226 Acceptable Forms of Verification of Pledgor's Identity and Required Records. (a) It shall be the duty of every collateral loan broker to verify the identity of every person from whom he accepts any article as a pledge for a loan and to make and keep a written record of the nature of the evidence submitted by such person to prove his identity. Only the following shall be deemed acceptable evidence of identity: (1) Any official document issued by the United States government, any state, county, municipality or subdivision thereof, any public agency or department thereof, or any public or private employer, which requires and bears signature of person to whom issued. (2) Police, fire department and postal department badges containing numbers. (3) A passport. (b) In addition, and in every case, it shall be the duty of every collateral loan broker, to require that every person from whom he accepts an article as a pledge for a loan, sign his name in the presence of the collateral loan broker, compare the signature with the signature on the identifying document and retain on his premises the person's signature together with the number and description of the identifying document.

6 RCNY § 5-227 Papers in Which Collateral Loan Brokers Can Advertise Auction Sales.

§ 5-227 Papers in Which Collateral Loan Brokers Can Advertise Auction Sales. The following is a list of all newspapers published in the City of New York in which collateral loan brokers may advertise the sale of all unredeemed pawns or pledges which remain in their possession in excess of the period prescribed by § 48 of the General Business Law. To the extent required by § 48 of the General Business Law, such sale shall be at public auction by a licensed auctioneer, so long as auctioneers are required to be licensed pursuant to the New York City Administrative Code. American Banker Brooklyn Daily Bulletin China Daily News The China Post China Tribune Daily News El Diario – La Prensa Jewish Daily Forward National Herald New York Daily Challenge The New York Evening Express New York Post The New York Times The News World Novoye Russkoye Slovo Nowy-Dziennik The Peimer News Il Progresso Italo-Americano Queens Evening News Staten Island Advance Svoboda Ukrainian Daily United Journal The Wall Street Journal Women's Wear Daily World Journal Yiddish Zeitung

Source: City of New York, Charter, Administrative Code and Rules (American Legal Publishing XML export, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCrules/0-0-0-107385Fetched: 10/24/2026