CT HB05221

Removes the July 1, 2021 expiration date allowing secondhand dealers licensed as pawnbrokers as of March 31, 2011 to pay cash for property received under their secondhand dealer licenses indefinitely.

Removes the July 1, 2021 expiration date allowing precious metals or stones dealers licensed as pawnbrokers as of March 31, 2011 to pay cash for property received under their precious metals or stones dealer licenses indefinitely.

Reduces the maximum amount a pawnbroker can cash in checks, drafts, or money orders issued by that pawnbroker from $1,000 to $500.

Prohibits structuring transactions to avoid the check-cashing limit and requires aggregation of transactions between a pawnbroker and the same party within a 24-hour period.

All amendments take effect October 1, 2018.