SB 292 Summary

• Establishes state licensing and regulation of pawnbrokers through the Department of Commerce, Community, and Economic Development, requiring applicants to demonstrate good character, relevant experience, and fitness to engage in the business.

• Sets operational requirements including maintenance of electronic transaction registers (or paper in municipalities under 6,000 people), $750 maximum transaction limit, prohibition on business between midnight and 6 a.m., and restrictions on accepting property from minors or intoxicated persons.

• Authorizes finance fees of $5 or up to 20 percent interest (whichever is greater) per 30-day period, plus processing fees up to $5 per transaction, with special provisions for firearm-related charges.

• Requires pawnbrokers to provide weekly law enforcement reports detailing all transactions and maintain customer records with identification information; permits police and evidentiary hold orders on suspected stolen property.

• Establishes disciplinary authority allowing the department to suspend, revoke, or restrict licenses for violations, with civil penalties of $200-$2,000, while limiting municipal ordinances from imposing transaction fees or restricting hours beyond state prohibitions.