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Synopsis As Introduced Amends the Pawnbroker Regulation Act. Provides that every pawnbroker shall record an accurate account and description of all goods, articles, and other things purchased or received for the purpose of resale or loan collateral by the pawnbroker from any source, including other pawnshop locations owned by the same pawnbroker, not in the course of a pledge or loan, the time of such purchase or receipt and the name and address of the person or business which sold or delivered such goods, articles, or other things to the pawnbroker. Further provides that no personal property received on deposit or pledge or purchased by any pawnbroker shall be sold or permitted to be redeemed or removed from the place of business or transferred to another pawnshop location of such pawnbroker for a period of 7 days (rather than 48 hours) after the delivery of the copy and statement required by the Act. Prohibits any pawnbroker from receiving or purchasing any article if the serial number or manufacturer's identification number on the article has been altered or removed in any way.
House Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: provides that no pawnbroker shall receive or purchase any article if the manufacturer's make, model, or serial number, personal identification number, or identifying marks engraved or etched upon an item of personal property has been removed, altered, or obliterated; provides that no personal property pledged or received on deposit by any pawnbroker shall be permitted to be redeemed from such pawnbroker for a period of 48 hours after the delivery of the copy and statement required by the Act; provides that no personal property purchased by any pawnbroker shall be sold or removed from the place of business or transferred to another pawnshop location of such pawnbroker for a period of 10 days after the delivery of the copy and statement required by the Act; provides that a county or municipality, including a home rule unit, may regulate these holding periods in a manner that is more restrictive than a specified regulation.
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