Bill Text: MN SF955 | 2011-2012 | 87th Legislature | Chaptered

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Bill Title: Pawnbrokers pledged goods return regulations; location restrictions near gambling casinos repeal

Spectrum: Partisan Bill (Republican 5-0)

Status: (Passed) 2011-05-24 - Governor approval [SF955 Detail]

Download: Minnesota-2011-SF955-Chaptered.html

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CHAPTER 82--S.F.No. 955

An act

relating to commerce; regulating return of pledged goods and location
restrictions of pawnbrokers;amending Minnesota Statutes 2010, sections
325J.08; 325J.13; repealing Minnesota Statutes 2010, section 325J.10.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

    Section 1. Minnesota Statutes 2010, section 325J.08, is amended to read:
325J.08 RECORDS; PROHIBITIONS.
A pawnbroker and any clerk, agent, or employee of a pawnbroker shall not:
(1) make any false entry in the records of pawn transactions;
(2) falsify, obliterate, destroy, or remove from the place of business the records,
books, or accounts relating to the licensee's pawn transactions;
(3) refuse to allow the appropriate law enforcement agency, the attorney general,
or any other duly authorized state or federal law enforcement officer to inspect the pawn
records or any pawn goods in the person's possession during the ordinary hours of business
or other times acceptable to both parties;
(4) fail to maintain a record of each pawn transaction for three years;
(5) accept a pledge or purchase property from a person under the age of 18 years;
(6) make any agreement requiring the personal liability of a pledgor or seller, or
waiving any provision of this section, or providing for a maturity date less than one month
after the date of the pawn transaction;
(7) fail to return pledged goods to a pledgor or seller, or provide compensation as
set forth in section 325J.09, upon payment of the full amount due the pawnbroker unless
either the date of redemption is more than 60 days past the date of the pawn transaction,
renewal, or extension and the pawnbroker has sold the pledged goods pursuant to
section 325J.06, or the pledged goods have been taken into custody by a court or a law
enforcement officer or agency;
(8) sell or lease, or agree to sell or lease, pledged or purchased goods back to the
pledgor or seller in the same, or a related, transaction;
(9) sell or otherwise charge for insurance in connection with a pawn transaction; or
(10) remove pledged goods from the pawnshop premises or other storage place
approved by a municipality at any time before unredeemed, pledged goods are sold
the expiration of the redemption period pursuant to section 325J.06. However, (i) a
pawnbroker is permitted to return pledged goods to the borrower at any time during the
redemption period, (ii) a pawnbroker is permitted to sell the pledged goods or remove
the pledged goods from the pawnshop premises or other storage at any time after the
expiration of the redemption period set forth in section 325J.06, and (iii) a pawnbroker
who purchases goods not involving a pawn transaction is permitted to sell or remove the
purchased goods from the pawnshop premises or other storage 31 days or later from the
purchase transaction date.

    Sec. 2. Minnesota Statutes 2010, section 325J.13, is amended to read:
325J.13 ORDINANCES; CONSISTENCY.
With the exception of section 325J.08, clauses (7) and (10), nothing in this chapter
preempts or supersedes any ordinance adopted by a municipality that provides for more
restrictive regulation of pawnbrokers or pawn transactions.

    Sec. 3. REPEALER.
Minnesota Statutes 2010, section 325J.10, is repealed.
Presented to the governor May 23, 2011
Signed by the governor May 24, 2011, 5:08 p.m.