Bill Text: MA H291 | 2009-2010 | 186th General Court | Introduced
Bill Title: The licensure and regulation of pawnbrokers
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-05-20 - Reporting date extended to Monday, May 31, 2010 [H291 Detail]
Download: Massachusetts-2009-H291-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
John F. Quinn
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act relative to pawnbrokers.
_______________
PETITION OF:
Name: |
District/Address: |
John F. Quinn |
9th Bristol |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE HOUSE, NO. 307 OF 2007-2008.]
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act relative to pawnbrokers.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1. Section 70 of Chapter 140 of the General Laws, as appearing in the 2000 Official Edition, is hereby amended by adding the following sentence at the end thereof:— Said licensing authority shall notify the Commissioner of Banks of the issuance or revocation of said license, the name and address of the licensee, and the location where said business will be carried on.
SECTION 2. Chapter 140 of the General
Laws, as appearing in the 2000 Official Edition, is hereby amended by striking
out Section 72, as so appearing, and inserting in place thereof the following:—
The authorities which issue such licenses may fix the rate of interest which
pawnbrokers may receive on loans, and may fix different rates which may be
received for different amounts of money lent; provided however that the rate of
interest shall not exceed thirty six percent annually; and no licensed
pawnbroker shall charge or receive a greater rate of interest than that so
fixed. Any such pawnbroker who violates any provision of this or the preceding
section shall be punished by a fine of not more than five hundred dollars. A
violation of this section shall constitute a violation of Section 2 of Chapter
93A.
SECTION 3. Chapter 140 of the General
Laws, as appearing in the 2000 Official Edition, is hereby amended by striking
out Section 75, as so appearing, and inserting in place thereof the following:—
Whoever, not being licensed, carries on such business or is concerned therein
within such town, or, being licensed, carries on such business or is concerned
therein in any other place or manner than that designated in his license or
after notice to him that his license has been revoked shall be punished by a
fine of not more than five hundred dollars. A violation of this section shall
constitute a violation of Section 2 of Chapter 93A.
SECTION 4. Chapter 140 of the General
Laws, as appearing in the 2000 Official Edition, is hereby amended by striking
out Section § 78, as so appearing, and inserting in place thereof the
following:—
The authorities who grant licenses to pawnbrokers shall establish regulations,
to the satisfaction of the commissioner of banks, relative to the business
carried on and the rate of interest to be charged by them; provided however
that the rate of interest shall not exceed thirty-six percent annually; and a
pawnbroker shall not charge or receive upon any loan a greater rate of interest
than that fixed by the licensing authorities.
SECTION 5. Chapter 140 of the General
Laws, as appearing in the 2000 Official Edition, is hereby amended by striking
out Section 81, as so appearing, and inserting in place thereof the following:—
Said book shall at all reasonable times be open to the inspection of the mayor,
of the members of the board of police, of the superintendent of police and
deputy superintendents, of the chief inspector of police, of the Commissioner
of Banks, of any officer of the state police or of any person authorized by
them in writing for that purpose who exhibits such written authority to such
pawnbroker.