Pawning a Pistol for Safe Storage

S

steve4102

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If someone were to use a Pawn shop to secure a handgun while away from home for an extended period of time, would he/she have to go through the NICS background check to retrieve this property upon his/her return?

Does pawning a firearm constitute a legal transfer of ownership?
 
Yes, you have to do the background check to get it back. And I have known of folks who have pawned a gun just for that purpose.
 
Cheaper to get a small safe-deposit box at the bank. For instance, most pawn shops charge about 20% for loans $500 and under. So, if you borrow $500 it sill cost you $600 to get your gun back. That's expensive storage. By comparison you can rent a safe deposit box for $50 where I live and have use of it for a year.

And, yes, you must fill out a 4473 to get your gun back.
 
For instance, most pawn shops charge about 20% for loans $500 and under. So, if you borrow $500 it sill cost you $600 to get your gun back.
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That interest rate is ANNUAL, not a guaranteed percentage charge. It varies by state, and there can also be a fixed fee but a 20% rate doesn't mean $100 on $500 unless you leave it there for a whole year.

For instance, in the OP's state of Minnesota, pawn shops may not charge more than 3% per month plus "a reasonable fee for storage and services."

https://www.revisor.mn.gov/statutes/?id=325j&view=chapter#stat.325J.07

Besides, if you're only leaving it there for safe storage, just borrow the smallest amount of money they'll let you borrow. There's no need to borrow $500. Just "borrow" $20 or $50... $1 if they let you... whatever they allow for a minimum.
 
but a 20% rate doesn't mean $100 on $500 unless you leave it there for a whole year.
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Where I work that percentage rate is for 30 days. Annual percentage rate is.....wait for it....240% and it states it right on the pawn ticket. So, a $500 30 day loan costs $100 for those 30 days. The laws may be different in other states. YMMV.


Besides, if you're only leaving it there for safe storage, just borrow the smallest amount of money they'll let you borrow. There's no need to borrow $500. Just "borrow" $20 or $50... $1 if they let you... whatever they allow for a minimum.
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True, but I still think a safe deposit box is better. Nobody is going to touch your gun for any reason unless you are delinquent on payment for quite some time. And, where I live even a $50 loan will cost you $10 for 30 days plus the hassle of a background check.
 
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Short answer...

In Other Words, Short Answer: Pawning a firearm just for safe storage = Bad Idea.

I like the Safe Deposit Box idea much better, if you can't muster up a friend or relative you'd trust to keep the firearm safe and safely.

Wrap the firearm in dessicant paper if you use the Safe Deposit Box route.
 
Borrow $50 on the gun. Make the minimum interest payment each month and pay off the $50 when you're ready to get the gun. For a short term, 3-4 months, it isn't going to cost that much.
 
Of course, in MN, all the banks have that "...bans guns on premises" sign, which would slightly complicate putting one in a safe deposit box there.
 
We actually had a couple customers use one of our stores for long term storage for their deer rifles. They would be redeemed for deer season and put back into pawn when it was over. It was weird.

You can pawn for storage, but it really isn't all that cost effective and the risk of losing your guns is very real if you let the loans time out for some reason (illness, arrest, forget, etc.).

Does pawning a firearm constitute a legal transfer of ownership?
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Now, but a pawn shop cannot release the gun to you without the NICS check in case you are a felon or otherwise disallowed from possessing guns. It would be illegal for them to do so.

For instance, in the OP's state of Minnesota, pawn shops may not charge more than 3% per month plus "a reasonable fee for storage and services."

https://www.revisor.mn.gov/statutes/...r#stat.325J.07
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But as noted above, it isn't just 3% because of the storage fees.

Price's bill, which went into effect last August, capped pawn interest rates at 3-percent a month or 36-percent annually -- 'plus a reasonable fee for storage and services.' Price says the 'reasonable fee' language was meant to give pawnbrokers some 'wiggle room.' Now, pawnbrokers admit they're using that wiggle room to charge the same rates as they did before the law was passed.
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http://news.minnesota.publicradio.org/features/199701/01_biewenj_poverty/pawnshop.htm
 
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What happens to the gun if you are denied by NCIS?
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It goes in the display case to be ogled by pawn shop aficionados like myself. :D

Another wrinkle: One cannot directly reclaim a modern* handgun that's been pawned at a location outside of one's lawful state of residence. A pawn shop is just like any other FFL in this respect; they are not allowed to transfer a modern* handgun to a resident of a different state, even if that person is the one who pawned it! :rolleyes: As with other out-of-state transfers, the handgun must be shipped to a FFL in the transferee's home state, who can then perform the transfer.

(*There are two significant exceptions: Legal pre-1899 and black powder antiques are exempt, and an out-of-state transfer of a C&R handgun to a C&R FFL is lawful.)

Mandatory disclaimer: I am not an attorney, nor do I play one on TV. ;) This is not legal advice; YMMV and caveat emptor.
 
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Vanya said:
Of course, in MN, all the banks have that "...bans guns on premises" sign, which would slightly complicate putting one in a safe deposit box there.
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HUH?

Sarcasm or fact. I carry in my bank all the time, no sign.
 
Take the gun to a 'smith and have it cleaned, and tell him when you'll be back to pick it up. (you can even do this out of state.)

As stated previously, DO NOT pawn a gun except in your state of residence if you ever want to get it back -- they can accept it, but cannot transfer it back to you.
 
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