Tex. Fin. Code Section 371.254
Redemption of Goods After License Revocation or Suspension

(a)

After revocation of a pawnshop license, the pawnbroker, for the sole purpose of allowing a pledgor to redeem pledged goods, shall maintain usual business hours at the pawnshop for 60 days after the latest maturity date of any pawn transaction made at that pawnshop.

(b)

If after the revocation of a license and within the period provided by Section 371.169 (Unredeemed Pledged Goods; Forfeiture) a pledgor requests an extension of that period, the pawnbroker shall grant an extension not to exceed 30 days.

(c)

The commissioner may exercise any authority conferred on the commissioner to protect the interest of a pledgor of goods in the possession of a pawnbroker whose license has been revoked, including assessment of a penalty or administrative enforcement under this chapter.

(d)

On suspension of a pawnshop license by the commissioner, the pawnbroker shall maintain the pawnshop’s usual business hours during the suspension for the sole purpose of allowing a pledgor to redeem goods or to renew a pawn transaction that matures during the suspension.

(e)

A pawnbroker shall renew a pawn transaction that matures during a suspension if, not later than the 60th day after the maturity date, the pledgor requests a renewal.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 371.254 — Redemption of Goods After License Revocation or Suspension, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­371.­htm#371.­254 (accessed Jun. 5, 2024).

371.001
Short Title 371.002
Purposes 371.003
Definitions 371.004
Computation of Month 371.005
Regulatory Authority 371.006
Rulemaking 371.007
Staggered Renewal of Licenses 371.051
Pawnshop License Required 371.052
Eligibility 371.053
Verification of Applicant’s Net Assets 371.054
License Application 371.055
Fees 371.056
Bond 371.057
Investigation 371.058
Public Hearing 371.059
Approval 371.060
Notice of Denial 371.061
Period for Final Decision to Approve or Deny 371.062
Disposition of Fees on Denial of Application 371.064
License Fee 371.066
Temporary License 371.067
Contents and Display of License 371.068
Multiple Places of Business 371.069
Change of Ownership 371.070
Transfer or Assignment of License 371.071
Application for Relocation 371.072
Net Assets Requirement 371.073
Appointment of Agent 371.074
Pawnbroker Responsible for Employees and Agents 371.101
Pawnshop Employee License Program 371.102
Eligibility 371.103
License Application 371.104
Approval or Denial of Application 371.105
License Term 371.106
License Fee 371.107
Grounds for Refusal to Renew 371.151
Hours of Operation 371.152
Recordkeeping 371.153
Notice of Operation of Other Business 371.154
Insurance and Bond 371.155
Pawnshop Security 371.156
Pawn Transaction 371.157
Pawn Ticket 371.158
Amount Financed 371.159
Pawn Service Charge 371.160
Maturity Date 371.161
Early Redemption: Reduction of Pawn Service Charge 371.162
Presentation of Ticket 371.163
Lost or Destroyed Ticket 371.164
Duty of Reasonable Care 371.165
Return of Pledged Goods 371.166
Redemption by Mail 371.167
Lost or Damaged Goods 371.168
Exemption from Criminal Liability 371.169
Unredeemed Pledged Goods 371.170
Redemption or Payment by Pledgor Not Required 371.171
Agreement Requiring Pledgor’s Personal Liability Prohibited 371.172
Waiver of Pledgor’s Rights Prohibited 371.173
Insurance Charge Limited 371.174
Identification of Pledgor or Seller Required 371.175
Property Identification Tags Required 371.176
Transactions with Minors or Persons Under the Influence of Alcohol or Drugs Prohibited 371.177
Purchase of Used Personal Property 371.178
Acceptance of Building Construction Materials 371.179
Displays of Certain Weapons Prohibited 371.180
Advertisements 371.181
Stolen Goods 371.182
Hold Period 371.183
Consumer Information 371.201
Examination by Commissioner 371.202
Access to Records 371.203
Oaths 371.204
Inspection by Peace Officer 371.205
Refusal to Allow Examination or Inspection 371.206
Confidentiality 371.207
Fee 371.208
Verification of Net Assets 371.251
Revocation or Suspension of Pawnshop License 371.252
Effect of Revocation, Suspension, or Surrender of Pawnshop License 371.253
Notice of Revocation 371.254
Redemption of Goods After License Revocation or Suspension 371.255
Revocation or Suspension of Pawnshop Employee License 371.256
Hearing 371.257
Surrender of License 371.258
Reinstatement of License 371.259
Certificate of Standing 371.301
Commissioner’s Enforcement Powers 371.302
Order to End Violation 371.303
Administrative Penalty 371.304
Acting Without a License 371.305
Wilful Violation of Chapter 371.306
Penalty for Certain Violations 371.0625
License Term 371.0645
Grounds for Refusal to Renew
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 371.254’s source at texas​.gov