AR SB184

Repeals Arkansas Code Title 17, Chapter 56, known as the Arkansas Pawnbroker Act in its entirety, effective upon approval on March 25, 2021.

Eliminates the Pawnbroker Licensure Commission, which previously consisted of five members appointed by the Governor including one general resident, two law enforcement officers, and two active pawnbrokers serving seven-year staggered terms.

Removes regulations governing pawnbroker licensing, fees, continuing education requirements, and procedures for license suspension and revocation previously administered by the Department of Labor and Licensing.

Eliminates caps on pawn transaction interest rates (previously 17% annually) and pawn service charges (previously 25% per thirty-day period with $5.00 minimum per fifteen-day period).

Removes all statutory provisions regulating pawn transactions, redemption rights, pawnbroker liens, and law enforcement procedures regarding stolen property hold orders.