Bill Text: MS HB514 | 2024 | Regular Session | Introduced

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Bill Title: Pawnbrokers; remove the requirement of on-premises retention of purchased goods.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-05 - Died In Committee [HB514 Detail]

Download: Mississippi-2024-HB514-Introduced.html

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MISSISSIPPI LEGISLATURE

2024 Regular Session

To: Business and Commerce

By: Representative Zuber

House Bill 514

AN ACT TO AMEND SECTION 75-65-309, MISSISSIPPI CODE OF 1972, TO REMOVE THE REQUIREMENT OF ON-PREMISES RETENTION OF PURCHASED GOODS; 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 with 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.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2024.

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