(at the request of House Interim Committee on Judiciary)
Chief Sponsors:
Add
Remove
Regular Sponsors:
Add
Remove
Bill Title:
Relating to requirements for pawnbrokers wishing to store large pledge items off premises; and prescribing an effective date.
Catchline/Summary:
Permits pawnbroker to store large pledge items at single storage location off premises of business location at which pawnbroker makes pledge loan if pawnbroker and pledgor agree in writing that pawnbroker may do so. Permits pawnbroker to store large pledge items at single storage location off premises of business location at which pawnbroker makes pledge loan if pawnbroker and pledgor agree in writing that pawnbroker may do so. Requires pawnbroker that stores pledges off premises to maintain business location that displays pawnbroker license and to maintain off-premises location that complies with security, bonding, insurance and notice requirements that apply to pawnbroker's business location. Requires pawn ticket or memorandum to state whether pawnbroker is storing or will store pledge at off-premises location.
Permits Director of Department of Consumer and Business Services to define by rule "large items" for purpose of Act.
Becomes operative January 1, 2020.
Takes effect on 91st day following adjournment sine die.
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