A firearms pawnbroker is an individual or business that accepts firearms as collateral for loans. This means they take possession of a firearm and provide money to the owner, who must repay the loan to reclaim their firearm. The term is defined under 18 USCS § 921 (12), which outlines the legal framework for pawnbrokers dealing with firearms.
The term "firearms pawnbroker" is used primarily in legal contexts related to the regulation of firearms and pawn transactions. This includes areas of law such as:
Individuals may need to use legal forms when engaging in transactions with firearms pawnbrokers, and resources like US Legal Forms can provide templates for these agreements.
Here are a couple of examples of abatement:
Example 1: A person needs cash and takes their hunting rifle to a local firearms pawnbroker. They agree to a loan of $500, with the rifle held as collateral until the loan is repaid.
Example 2: A firearms pawnbroker may have specific procedures for verifying the identity of the person pawning a firearm, ensuring compliance with legal requirements (hypothetical example).
Key legislation includes:
| State | Regulation Highlights |
|---|---|
| California | Requires pawnbrokers to obtain a special license and maintain detailed records of all transactions. |
| Texas | Less stringent regulations; however, pawnbrokers must still comply with federal laws. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition |
|---|---|
| Firearms dealer | A person or business that sells firearms, not necessarily involving loans or collateral. |
| Pawnbroker | A person or business that accepts items as collateral for loans, which may include but is not limited to firearms. |
If you are considering pawning a firearm, follow these steps:
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A firearms pawnbroker is a business or individual that accepts firearms as collateral for loans.