AR HB2164

Creates Chapter 56 of Arkansas Code Title 17, establishing the Arkansas Pawnbroker Act to modernize and regulate the pawn industry while recognizing its distinction from banking and financing services.

Establishes the Pawnbroker Licensure Commission with five members appointed by the Governor: one general resident, two law enforcement officers, and two practicing pawnbrokers, serving staggered seven-year terms.

Grants the commission rulemaking authority over pawnbroker eligibility, licensing, continuing education, fees, license suspension/revocation, prohibited acts, redemption rights, liens, and hold order procedures.

Sets maximum interest rates at 17% annual percentage rate and limits pawn service charges to 25% of amount financed per 30-day period, with a minimum $5.00 charge per 15-day period for maintenance, storage, insurance, and title investigation.

Designates the Arkansas Commission on Law Enforcement Standards and Training to administer the chapter's provisions and became law on April 7, 2017 without the Governor's signature.