Memphis pawnbrokers must register under Tennessee Code Title 45 Chapter 6 with the Tennessee Department of Financial Institutions and report all transactions daily to the Memphis Police Department through LEADS Online. Items must be held 30 days before resale to allow recovery of stolen property.
The Tennessee Pawnbrokers Act (TCA 45-6-201 et seq.) governs licensing, fee caps, and recordkeeping. Memphis pawnbrokers electronically report every pawn and purchase transaction to MPD via LEADS Online or RAPID, including seller ID, item description, and serial numbers. State law caps interest at 2% per month plus storage and insurance fees. Items must be held 30 days minimum before sale or melt; longer holds apply to police-flagged items. Memphis Code Chapter 9 requires a parallel business license, and the Organized Crime Unit conducts periodic compliance checks.
Failing to report transactions, accepting stolen goods knowingly, or violating hold periods triggers state license revocation plus Memphis misdemeanor charges and forfeiture.
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