Sec. 15.3. Collateral loan broker's report of auction sale

Each and every collateral loan broker is required by law to file a verified report of auction sale with the local governing body issuing collateral loan broker's licenses, within 30 days after such sale. This report must include the following information:

(a) name and address of collateral loan broker;

(b) date and place where sale was held;

(c) name and address of auctioneer;

(d) schedule of each defaulted pledge offered for sale, together with:

(1) pledge number;

(2) auction lot number;

(3) amount received for each pledge; and

(4) a statement that each of the pledges so listed were delivered over to the auctioneer and actually offered for sale at such auction;

(e) collateral loan broker's “purchase backs”:

(1) a statement setting forth which pledges were purchased back by the collateral loan broker; and

(f) affidavit of publication made by the newspaper in which notice of each such sale was published.