Pawnshop Loans Quiz

3. How long must a pawnbroker wait before selling property that was not paid off?

b. CORRECT!

A pawnbroker can sell any personal property used as collateral for a loan if it is not paid off. They must wait until 60 days past the due date of the loan to sell the property.

Reference: Missouri General Assembly Web site (n.d.). Chapter 367. http://www.moga.mo.gov/statutes/chapters/chap367.htm.