HB689 Summary

• Clarifies that vehicle titles, manufactured home titles, land deeds, and real estate are excluded from the definition of "pledged goods" under the Alabama Pawnshop Act.

• Increases annual pawnshop license fees from $100 to $500 per license and establishes procedures for investigation fees paid to the State Banking Department.

• Requires pawnbrokers to prorate pawnshop fees when renewing pawn transactions prior to maturity date, with new maturity date set at 30 days from renewal date.

• Clarifies property confiscation procedures by establishing a written hold order system allowing law enforcement to place 90-day holds on suspected stolen property, extendable by court order only.

• Prohibits municipalities, counties, and local governments from imposing fees or taxes related to pawn transactions or the reporting of pawn transaction information to law enforcement agencies.