SB531 Summary

• Clarifies that vehicle titles, manufactured home titles, land deeds, and real estate are not pledged goods under the Alabama Pawnshop Act.

• Increases annual pawnshop license fee from $100 to $500 per location and requires delinquent fees to be paid with a 10 percent penalty per month.

• Requires pawnbrokers to prorate fees on renewed pawn transactions and establishes a 30-day maturity date for all renewals.

• Establishes procedures for law enforcement to place written hold orders on property (up to 90 days unless extended by court order) and clarifies title vests in pawnbroker if hold is not extended within 10 days of expiration notice.

• Prohibits municipalities and local governments from imposing fees or taxes related to pawn transactions or reporting of pawn transaction information.