Des Plaines aldermen voted 7-0 Monday night to require pawnbrokers operating in the city to adhere to strict reporting standards, including a requirement that merchandise purchased by pawnshops not be sold for at least 10 days.
Jewelry and precious metals must be held for at least 21 days before they can be sold, according to the ordinance.
The ordinance, given preliminary approval without discussion, also requires pawnshops to charge no more than 3 percent interest per month on money loaned in exchange for pawned goods, in addition to one-time fees of up to $12 on $100 loans.
The ordinance will come up for final approval Aug. 18.
Other aspects in the ordinance include: setting the fee for a permit to operate as a pawnbroker at $2,400; requiring pawnshops to keep detailed logbooks of merchandise received and records of customers supported by two forms of identification; requiring that daily reports be delivered to city officials detailing transactions; and prohibiting pawnshops from dealing with known thieves or obviously intoxicated customers.
