SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2001 SESSION

  • | print version

HB 1591 Pawnbrokers; required records.

Introduced by: Vincent F. Callahan, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Professions and occupations; pawnbrokers. Authorizes pawnbrokers to maintain required records electronically. Upon request by a law-enforcement official, pawnbrokers are required to make such electronic records available. The bill also allows a pawnbroker to charge a service fee for making daily electronic reports to law-enforcement officials and further provides that the fee shall not exceed five percent of the amount loaned or three dollars, whichever is less. Under the bill, violation of the service fee provisions shall constitute a Class 4 misdemeanor. The Department of State Police is directed to regulations for the uniform reporting of required information.

SUMMARY AS PASSED HOUSE:

Professions and occupations; pawnbrokers. Authorizes pawnbrokers to maintain required records electronically and upon request by a law-enforcement official, is required to make such electronic records available. The bill allows a pawnbroker to charge a service fee for making daily electronic reports to law-enforcement officials. The fee shall not exceed five percent of the amount loaned or three dollars, whichever is less. The bill also requires the Department of State Police to adopt regulations for the uniform reporting of required information.

SUMMARY AS INTRODUCED:

Professions and occupations; pawnbrokers. Provides for pawnbrokers to charge a uniform interest rate of seven percent per month and a minimum charge of two dollars on loans secured by a pledge of tangible personal property. Current law does not provide for the minimum charge and allows pawnbrokers to charge up to ten percent for loans of $25 or less, seven percent for loans between $25 and $100, and five percent for loans more than $100. The bill also (i) requires pawnbrokers to take and maintain for at least one year a photographic record of each customer delivering goods, articles or things to be pawned or pledged and (ii) authorizes a service charge of no more than ten percent of the amount loaned.