Following notification from a law enforcement agency that an item of property has been reported as stolen, the pawnbroker or secondhand dealer shall hold that property intact and safe from alteration, damage or commingling. The pawnbroker or secondhand dealer shall place an identifying tag or other suitable identification upon the property so held. Property held shall not be released for 120 days from the date of police notification unless released by written consent of the Pasco Police Department or by order of a court of competent jurisdiction. In cases where the Pasco Police Department has placed a verbal hold on an item, the Police Department must then give written notice within 10 business days. If such written notice is not received within that period of time, then the hold order will cease. The pawnbroker or secondhand dealer shall give a 20-day written notice before the expiration of the 120-day holding period to the Pasco Police Department about the stolen property. If notice is not given within 20 days, then the hold on the property shall continue for an additional 120 days. The Pasco Police Department may renew the holding period for additional 120-day periods as necessary. After the receipt of notification from a pawnbroker or secondhand dealer, if an additional holding period is required, the applicable law enforcement agency shall give the pawnbroker or secondhand dealer written notice, prior to the expiration of the existing hold order. The Pasco Police Department shall not place on hold any item of personal property unless the Pasco Police Department reasonably suspects that the item of personal property is a lost or stolen item. Any hold that is placed on an item will be removed as soon as practicable after the item on hold is determined not to be stolen or lost.