Would pawn shop lose money if one of their pawned item is stolen item
By kingparker
@kingparker (9673)
United States
June 27, 2010 7:56pm CST
On my previous discussion about pawn shop, people brought their valuable items, or property to the shop for quick cash, but eat up with the over market interest rate. That is what I heard though, the pawn shop has to make their report to the police on daily transactions about those pawned items in comparison to the police stolen items report. My question is, if one of the pawned items proved to be a stolen item, would that pawn shop losing money? Does anyone know how is that work?
1 person likes this
3 responses
@Professor2010 (20156)
• India
13 May 11
I think by pawnshop you are talking of shops where you keep your gold etc and take some money at certain rate of interest.
here we have one such near our home, one guy gave there a cell phone took 3000 rupees @ 3% per month interest, later police raided this shop as the cell phone was stolen item, he had to run to court for 2 years lol.
Thanks for sharing
Cheers, have a wonderful day.
Professor ‘^Bhuwan^’. .
@3SnuggleBunnies (16374)
• United States
28 Jun 10
I don't really know. I had a neighbor years ago who had some "friend" of a friend in her place and she took off her rings to do dishes and came back and they were missing. They were later returned and found at a pawn shop. I don't recall her saying she had to pay for her own rings back, but I assume that the guy got in trouble for stealing & selling stolen property.
@spalladino (17891)
• United States
28 Jun 10
Initially the pawn shop owner would be out the money, yes. It might be possible for the shop owner to get restitution ordered by a court if the person who pawned the item has any assets but that's not normally the case.
