Bill Text: MS HB1021 | 2024 | Regular Session | Engrossed
Bill Title: Pawnbrokers; authorize Commissioner of Banking to establish by rule a process allowing certain purchased and/or pledged goods to be stored off premises.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2024-04-20 - Approved by Governor [HB1021 Detail]
Download: Mississippi-2024-HB1021-Engrossed.html
MISSISSIPPI LEGISLATURE
2024 Regular Session
To: Banking and Financial Services
By: Representative Zuber
House Bill 1021
(As Passed the House)
AN ACT TO AMEND SECTIONS 75-67-309 AND 75-67-315, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING AND CONSUMER FINANCE TO ESTABLISH BY RULE, REGULATION OR ORDER, A PROCESS TO ALLOW CERTAIN PURCHASED AND/OR PLEDGED GOODS TO BE STORED OFF PREMISES, AT A SECURE, NONRESIDENTIAL LOCATION; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-67-309, Mississippi Code of 1972, is amended as follows:
75-67-309. (1) The pledgor or seller shall sign a statement verifying that the pledgor or seller is the rightful owner of the goods or is entitled to sell or pledge the goods and shall receive an exact copy of the pawn ticket which shall be signed or initialed by the pawnbroker or any employee of the pawnbroker.
(2) The pawnbroker shall maintain a record of all transactions of pledged or purchased goods on the premises. A pawnbroker shall upon request provide to the appropriate law enforcement agency a complete record of all transactions. These records shall be a correct copy of the entries made of the pawn or purchase transaction, except as to the amount of cash advanced or paid for the goods and monthly pawnshop charge. If the law enforcement agency supplies the appropriate computer software and the pawnbroker has the appropriate computer hardware, all transactions shall be made available by means of electronic transmission through a modem or similar device or by providing a computer disc to the law enforcement agency within seventy-two (72) hours of the transaction. Any pawnbroker who is recording transactions through the use of computer hardware on March 24, 2001, and is provided such appropriate software shall not cease or alter the use of his computer hardware unless authorized by the law enforcement agency.
(3) All goods purchased across the counter by the pawnbroker shall be maintained on the premises by the pawnbroker for at least fourteen (14) calendar days if the pawnbroker makes available all transactions either electronically or on computer disc to the appropriate law enforcement agency as provided in subsection (2) above. Otherwise, the pawnbroker shall maintain on the premises the purchased goods for twenty-one (21) calendar days.
(4) The commissioner may establish by rule, regulation or order, a process to allow certain purchased goods to be stored off premises, at a secure, nonresidential location.
SECTION 2. Section 75-67-315, Mississippi Code of 1972, is amended as follows:
75-67-315. (1) A pawnbroker and any clerk, agent or employee of such pawnbroker shall not:
(a) Fail to make an entry of any material matter in his record book;
(b) Make any false entry therein;
(c) Falsify, obliterate, destroy or remove from his place of business such records, books or accounts relating to the licensee's pawn transaction;
(d) Refuse to allow the commissioner, the appropriate law enforcement agency, the Attorney General or any other duly authorized state or federal law enforcement officer to inspect his pawn records or any pawn goods in his possession during the ordinary hours of business or other acceptable time to both parties;
(e) Fail to maintain a record of each pawn transaction for four (4) years;
(f) Accept a pledge or purchase property from a person under the age of eighteen (18) years;
(g) Make any agreement requiring the personal liability of a pledgor or seller, or waiving any of the provisions of this article or providing for a maturity date less than thirty (30) days after the date of the pawn transaction;
(h) Fail to return or replace pledged goods to a pledgor or seller upon payment of the full amount due the pawnbroker unless the pledged goods have been taken into custody by a court or a law enforcement officer or agency;
(i) Sell or lease, or agree to sell or lease, pledged or purchased goods back to the pledgor or back to the seller in the same or related transaction;
(j) Sell or otherwise charge for insurance in connection with a pawn transaction;
(k) Remove pledged goods from the premises within thirty (30) days following the originally fixed maturity date;
(l) Accept a pledge or purchase property when such property has manufacturer's serial numbers which have been obviously removed and/or obliterated.
(2) The commissioner may establish by rule, regulation or order, a process to allow certain pledged goods to be stored off premises, at a secure, nonresidential location.
SECTION 3. This act shall take effect and be in force from and after July 1, 2024.
