IL HB0779

Replaces the existing Pawnbroker Regulation Act with the Pawnbroker Regulation Act of 2023, establishing comprehensive licensing, supervision, and consumer protection requirements for pawnbrokers in Illinois

Limits total active pawnbroker licenses statewide to 250, with no more than 150 licenses in Cook, DuPage, Kane, Lake, McHenry, and Will counties combined

Sets maximum monthly finance charges based on pawn amount: one-fifth for pawns under $500, one-sixth for $500-$1,499, one-eighth for $1,500-$4,999, and one-twentieth for pawns of $5,000 or more

Requires $2,000 application fee plus $800 investigation fee for new licenses, $2,000 annual renewal fee, and mandatory employee training of 4 hours within 90 days of hire plus 4 hours of annual refresher training

Establishes a 30-day automatic grace period after pawn default before property can be sold, creates hold order procedures for law enforcement investigations lasting up to 120 days, and exempts pawn transactions from the Predatory Loan Prevention Act