(1) A pawnbroker shall not sell any property received in pledge, until both the term of the loan and a grace period of a minimum of 60 days have expired. However, if a pledged article is not redeemed within the 90-day period of both the term of the loan and the grace period, the pawnbroker shall have all rights, title and interest to that item of personal property. The pawnbroker shall not be required to account to the pledgor for the proceeds received from the disposition of that item. Any provision of law relating to the foreclosures and the subsequent sale of forfeited pledged items shall not be applicable to any pledge as defined under this chapter, the title to which is transferred in accordance with this section.

(2) Every transaction entered into by a pawnbroker shall be evidenced by a written document, a copy of which shall be furnished to the pledgor. The document shall set forth the term of the loan, the date on which the loan is due and payable, and shall inform the pledgor of the pledgor’s right to redeem the pledge within 60 days after the expiration of the loan term. [Ord. 3560 § 14, 2002; Ord. 2838 § 1, 1991; Code 1970 § 5.12.061.]