CO HB1324

Modifies the Colorado definition of "pawnbroker" in response to the 2019 Colorado Court of Appeals ruling in Pro's Closet, Inc. v. City of Boulder that broadly interpreted the term to include both persons making contracts for purchase and persons making purchase transactions.

A person regularly engaged in making purchase transactions is now classified as a pawnbroker only if they also regularly or occasionally engage in making contracts for purchase.

Persons who regularly engage in the business of making contracts for purchase continue to be classified as pawnbrokers under the amended definition.

Excludes from the pawnbroker definition anyone who regularly engages in making purchase transactions but does not engage in making contracts for purchase.

Includes a safety clause declaring the act necessary for immediate preservation of public peace, health, or safety.