Terms & Conditions
Right to Cancel and Right to Convert Sale to Loan:
PURSUANT TO ARTICLE 5 OF THE NEW YORK STATE GENERAL BUSINESS LAW A COLLATER LOAN BROKER IS AUTHORIZED TO PROVIDE LOANS ON ITEMS PLEDGED OR PURCHASE ITEMS OFFERED FOR SALE. YOU HAVE THE RIGHT TO USE AN ITEM AS COLLATERAL FOR A LOAN OR SELL THE ITEM IN ACCORDANCE WITH STATE AND LOCAL LAW. ALL SALES MAY BE CANCELLED WITHIN FIVE BUSINESS DAYS IN ACCORDANCE WITH SAID ARTICLE 5. A SALE OF JEWELRY, WATCHES, PRECIOUS STONES, PRECIOUS METALS OR COINS CAN BE CONVERTED TO A LOAN WITHIN 14 DAYS FROM THE DATE OF THE SALE.
SAMPLE COLLATERAL LOAN AGREEMENT:
COLLATERAL LOAN BROKER
AMETA LLC 15 W 47th Street, Suite 200 New York, NY 10036 [Phone] [Email] [Website] DCA # | BORROWER
| Loan Number: |
Loan Date: / / | ||
Name: | Loan Time: : AM/PM | |
Address: | Sex: | |
Race: | ||
Phone: | Height: | |
Email: | Weight: | |
SSN: | Hair: | |
Date of Birth: / / | Eyes: |
AMOUNT FINANCED The amount of cash advanced or credit extended to you. |
$ | SERVICE FEE | $ | ||
INTEREST RATE | % | ||||
FINANCE CHARGE The dollar amount the credit will cost you. |
$ | INSURANCE Insured Value Insurance Fee Insurance Waived
|
$ $ ☐ Initials ________ | ||
TOTAL OF PAYMENTS Amount required to redeem collateral on due date. |
$ | ||||
ANNUAL PERCENTAGE RATE. The cost of your credit as a yearly rate. |
% | EXTRA CARE Vault Storage Transportation Other _______________ |
$ $ $ Initials ________ | ||
DUE DATE | / / | ||||
PAYMENT SCHEDULE Total of Payments is due on Due Date shown. | |||||
PREPAYMENT. Prepayment in full prior to Due Date may result in a reduction in the finance charge. | LOST TICKET FEE The cost to replace this ticket if lost. | $ | |||
COLLATERAL: | I am the _____ Owner or _____ Agent of the Owner of the listed collateral, and I am of legal age and have the right to pawn the same. I have carefully read and hereby agree to all the terms and conditions of this loan, as contained in all pages of this Collateral Loan Agreement delivered to me and acknowledge receipt of a copy of this Collateral Loan Agreement containing the required Federal Truth in Lending Act disclosure statement. All blanks were completed before I signed. |
NOTICE OF ELECTION
- The holder of this Collateral Loan Agreement may redeem the Collateral at any time prior to sale at private sale or public auction first following default. The Collateral may not be sold at private sale or auction until it has remained four months in the collateral loan broker’s possession.
- If the article pledged is sold at private sale or public auction, money, if any, in excess of the amount of the loan, interest, lawful auctioneer’s commission, if applicable, lawful extra care charges and the expenses of the advertisement of sale, if applicable, shall be paid to the holder of the Collateral Loan Agreement.
- If the collateral loan broker shall purchase the Collateral at auction the holder shall have an additional ten days to redeem the article pledged by paying to the collateral loan broker the amount of the loan, interest, lawful auctioneer’s commission, lawful extra care charges and the expense of the advertisement of sale.
- A holder may sell this Collateral Loan Agreement to a third party at any time prior to private sale or auction, or he may sell this ticket to the collateral loan broker any time ninety or more days after the article was pledged.
- If this ticket is sold to a collateral loan broker the holder may redeem the ticket within ten days after the sale by paying to the collateral loan broker the amount paid for the ticket.
