HB 5472 Summary

• Establishes licensing requirements for pawnbrokers, precious metals dealers, and second-hand dealers, effective July 1, 2010, with $50 initial license fee and $25 annual renewal fee.

• Requires licensees to maintain detailed record-keeping systems including item descriptions, digital photographs, seller identification, and numbered tags for all property received.

• Mandates licensees pay for property only by check, draft, or money order (not cash) and prohibits purchase of property from minors without parental or guardian accompaniment.

• Requires weekly or more frequent sworn transaction reports to licensing authority and establishes 21-day minimum holding period before precious metals dealers and second-hand dealers can sell acquired property.

• Increases bond requirement from $2,000 to $10,000 and allows licensing authority to conduct criminal background checks on applicants, employees, and owners; violating licensing requirements is a Class D felony.