(a) No pledged or purchased goods may be confiscated if the property pledged to, or purchased by, a pawnbroker may be put on a seven-day hold by the authorized law enforcement authorities, but the pledged or purchased property may not be placed on hold unless:
(1) A police report is made in a timely manner.
(2) A warrant is sworn out for the person who pledged or sold the goods to the pawnbroker or for alias if the person is unknown.
(3) A warrant or writ is issued for the merchandise to be confiscated along with a request for restitution, pursuant to law.
(b) This section shall not affect the right of any person who has an ownership interest or prior lien in the pledged or purchased goods.