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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB3150 Introduced 2/19/2016, by Sen. Wm. Sam McCann SYNOPSIS AS INTRODUCED:
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| 205 ILCS 510/1 | from Ch. 17, par. 4651 |
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Amends the Pawnbroker Regulation Act. Provides that every partnership which lends money on the deposit or pledge of physically delivered personal property, other than property the ownership of which is subject to a legal dispute, securities, printed evidence of indebtedness or printed evidence of ownership of the personal property, or who deals in the purchase of such property on the condition of selling the property back again at a stipulated price, shall be held and is hereby declared and defined to be a pawnbroker.
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| | A BILL FOR |
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| | SB3150 | | LRB099 19950 SMS 44349 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Pawnbroker Regulation Act is amended by |
| 5 | | changing Section 1 as follows:
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| 6 | | (205 ILCS 510/1) (from Ch. 17, par. 4651)
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| 7 | | Sec. 1.
(a) Every individual, partnership, or business |
| 8 | | entity which lends money on the
deposit or pledge of physically |
| 9 | | delivered personal property, other than
property the ownership |
| 10 | | of which is subject to a legal dispute, securities,
printed |
| 11 | | evidence of indebtedness or printed evidence of ownership of |
| 12 | | the
personal property, or who deals in the purchase of such |
| 13 | | property on the
condition of selling the property back again at |
| 14 | | a stipulated price, shall be
held and is hereby
declared and |
| 15 | | defined to be a pawnbroker. The business of a pawnbroker does
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| 16 | | not include the lending of money on deposit or pledge of title |
| 17 | | to property. |
| 18 | | (b) The Secretary may require employees of pawnshops who |
| 19 | | have the authority to act in a managerial capacity to obtain a |
| 20 | | license from the Department. For the purposes of this Section, |
| 21 | | "managerial capacity" shall mean the ability to direct the |
| 22 | | operations or activities of the pawnshop. If the Secretary |
| 23 | | determines a pawnshop employee's duties and responsibilities |