AR SB1068

Pawnbrokers must return stolen personal property to the true owner upon their request and execution of an affidavit of ownership, regardless of whether the pawnbroker acquired it in good faith.

If a pawnbroker refuses to return stolen property, the pawnbroker must file a petition in district court to determine ownership of the disputed article.

If the court finds the claimant is the true owner, the pawnbroker must produce a receipt of acquisition; if the receipt is invalid or unavailable, the court shall order the pawnbroker to reimburse the true owner the fair market value of the property.

If a pawnbroker fails to file the required petition, the true owner may file a civil action for replevin and is entitled to treble damages if successful.

The bill repeals Arkansas Code § 18-27-203, which previously required true owners to pursue legal action to recover property and provided for recovery of court costs, attorneys' fees, and damages.