The Michigan Pawn Ticket
Preprinted pawn forms are expensive, even more so when a change becomes necessary and a store of forms must be discarded. In MI pawn transactions can be printed on plain paper using a common ink printer. When a change is needed, the pawn ticket resident in the program can be edited and the change will appear on the next ticket printed.
Michigan Pawnbrokers Act 273 Of 1917
Note that Internet drop-off stores are not subject to the Act.The record of each transaction must include:
- Article description
- A transaction number (in sequence)
- The amount of the loan
- The pawner's name, residential address, description (height, weight, eye/hair color, identifying marks like tatoos, scars, etc.), and a license number, state personal ID, card number or govt ID # The day and hour when the pawned item was received
The state requires that the pawn information be printed on 8.5 x 11 paper. When applying for a pawn license the applicant can print a sample of the Pawnbroker Pawn Shop Software pawn form and include that with the application.
As an alternative forms prepared by Burrell may be used with ink and impact printers. Some configuring of the software might be necessary to print the required information on the correct locations on the form.
- Burrell Form: Laser Sheet Form 10-2201
- Continuous Form (for dot matrix/impact printers): 10-2224
A third alternative would be to have copies of approved forms printed and complete them by hand.
- Burrell Form: Handwritten Ticket 10-2210-48
The program also includes forms for second-hand purchase and resale, check cashing and pay-day loans.
The act requires a daily (except Sundays when pawning is not allowed) 'sworn' report to the chief of police or chief law enforcement officer of pawns and names, addresses and descriptions of pawners. Some jurisdictions in MI may use LEADS Online. Either way, required reports can be generated using Pawnbroker Pawn Shop Software.
LEADS Online is a national database of items pawned and purchased from individuals (for resale). Over the years local law enforcement agencies have been adopting this source as a reference to stolen property. Here again reports can be generated within PPSS and uploaded to the LEADS Online database.
Monthly interest on loans is 3% with a minimum of fifty cents. A storage fee of $1 per month is allowed as well as a $1/month 'usage fee' (allowing the pawner to use the pawned item during the loan period). If put in writing the lender may also be granted use of the property during the loan period.
Interest cannot be collected in advance and the calculation of interest cannot be compounded. 'Examination fees' are prohibited.
If the debt is not repayed within 3 months, the pawn becomes the property of the lender. Apparently even after 3 months if the borrower pays all amounts due, payment "reinvests the pawner with the title and right of possession to the property pledged".
Pawnbroker Pawn Shop Software is tiered in features and price so small stores and start-up shops can keep initial outlay to a minimum while acquiring inventory, accounting and sales-processing essentials.
There are 4 editions of Pawnbroker Pawn Shop Software which include all of these features:
- Automatic calculation and reminders of dates due
- Burrell forms compatible(fee based)
- Adherence to the Military Lending Act
- Customization of fees and interest
- Detailed User's Guide
- Mailing of due and forfeit notices
- No prepayment for support
- Consignment option
- Editable records for borrowers, pawns, sales and payment
- Plain-paper pawn forms
- Adhesive labels and nonadhesive hang tags for pricing
- Easy reporting to police and L.E.A.D.S
This website does not provide legal advice. This page provides information on how to start a pawn business in FL. The State of Florida has more information. No warranties are made as to the accuracy of the information herein. Please submit suggestions by sending an email.