Bill Text: MS SB2725 | 2026 | Regular Session | Engrossed
Bill Title: Pawnbrokers; provide precious metal retention requirements and revise fingerprinting requirements for.
Sponsorship: Partisan Bill (Republican 1)
Status: (Failed) 2026-03-03 - Died In Committee [SB2725 Detail]
Download: Mississippi-2026-SB2725-Engrossed.html
MISSISSIPPI LEGISLATURE
2026 Regular Session
To: Business and Financial Institutions
By: Senator(s) McMahan
Senate Bill 2725
(As Passed the Senate)
AN ACT TO AMEND SECTION 75-67-309, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A PAWNBROKER SHALL MAINTAIN ON THE PREMISES PRECIOUS METAL, COINS AND BULLION FOR THREE BUSINESS DAYS IF THE PAWNBROKER MAKES AVAILABLE ALL TRANSACTIONS EITHER ELECTRONICALLY OR ON COMPUTER DISC TO THE APPROPRIATE LAW ENFORCEMENT AGENCY; TO AMEND SECTION 75-67-323, MISSISSIPPI CODE OF 1972, TO REQUIRE AN APPLICANT FOR A PAWNBROKER LICENSE TO SUBMIT FINGERPRINTS FROM A LOCAL LAW ENFORCEMENT AGENCY; TO DIRECT THE COMMISSIONER TO CAUSE A CRIMINAL BACKGROUND CHECK TO BE CONDUCTED BY THE FBI TO DETERMINE WHETHER THE APPLICANT HAS A DISQUALIFYING RECORD; TO PROVIDE THAT AFTER INITIAL LICENSING, LICENSEE FINGERPRINTS MUST BE RESUBMITTED EVERY THREE YEARS OR IN ACCORDANCE WITH FBI REQUIREMENTS TO DETERMINE CONTINUED SUITABILITY FOR LICENSE; 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 with the exception of precious metal, coins and bullion, which shall be maintained on the premises by the pawnbroker for three (3) business 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.
(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 75-67-323, Mississippi Code of 1972, is amended as follows:
75-67-323. (1) To be eligible for a pawnbroker license, an applicant shall:
(a) Operate lawfully and fairly within the purposes of this article;
(b) Not have been convicted of a felony in the last ten (10) years or be active as a beneficial owner for someone who has been convicted of a felony in the last ten (10) years;
(c) File with the commissioner a bond with good security in the penal sum of Ten Thousand Dollars ($10,000.00), payable to the State of Mississippi for the faithful performance by the licensee of the duties and obligations pertaining to the business so licensed and the prompt payment of any judgment which may be recovered against such licensee on account of damages or other claim arising directly or collaterally from any violation of the provisions of this article; such bond shall not be valid until it is approved by the commissioner; such applicant may file, in lieu thereof, cash, a certificate of deposit, or government bonds in the amount of Ten Thousand Dollars ($10,000.00); such deposit shall be filed with the commissioner and is subject to the same terms and conditions as are provided for in the surety bond required herein; any interest or earnings on such deposits are payable to the depositor;
(d) File with the commissioner an application accompanied by the initial license fee required in this article;
(e) Submit a set of
fingerprints from * * *
a local law enforcement agency. In order to determine the applicant's
suitability for license, the commissioner shall * * * cause a criminal
background check to be conducted by the FBI to determine whether there is a
disqualifying record. After initial licensing, licensee fingerprints must be
resubmitted every three (3) years or in accordance with FBI requirements to
determine continued suitability for license.
(2) Every licensee shall post his license in a conspicuous place at each place of business.
(3) Every licensee shall
post and display a sign which measures at least twenty (20) inches by twenty
(20) inches in a conspicuous place and in easy view of all persons who enter
the place of business. The sign shall display bold, blocked letters, easily
readable, with the following information: "This pawnshop is licensed and
regulated by the Mississippi Department of Banking and Consumer Finance. If
you encounter any unresolved problem with a transaction at this location, you
are entitled to assistance. Please call or write: Mississippi Department of
Banking and Consumer Finance, Post Office * * * Box 12129, Jackson, MS * * * 39236-2129; Phone 1-800-844-2499."
(4) From and after December 1, 2010, each application for an initial license shall include evidence of the satisfactory completion of at least six (6) hours of approved prelicensing education, and each application for renewal shall include evidence of the satisfactory completion of at least six (6) hours of approved continuing education, by the owners or designated representative in pawnbroker transactions. Two (2) of the six (6) hours shall consist of instruction on the Mississippi Pawnshop Act and shall be approved by the department once the course is approved by the Mississippi Pawnbrokers Association or the National Pawnbrokers Association.
SECTION 3. This act shall take effect and be in force from and after July 1, 2026.
