MI HB5837

Expands pawnbroker licensing requirements to apply to all persons conducting pawnbroker business in Michigan that conduct business in the state, removing previous limitation to certain governmental units.

Establishes internet drop-off store exemption from licensing if the business meets specified conditions including having a fixed Michigan location, conducting transactions exclusively online, displaying items on a searchable website, maintaining records for 2 years, and providing police access to business premises and transaction data within 24 hours of request.

Requires pawnbrokers to electronically transmit transaction information within 48 hours to the Michigan Department of State Police for inclusion in a statewide database of pawned and purchased items, which must be implemented by the department within 90 days of the bill's effective date.

Increases penalties for pawnbroker violations from previous misdemeanor penalties to a misdemeanor punishable by up to 1 year imprisonment or $1,000 fine for first violations, and a felony punishable by up to 2 years imprisonment or $5,000 fine for subsequent violations.

Requires pawnbrokers to pay annual licensing fees between $50-$500 as determined by local governmental units, plus a database maintenance fee of not more than $250 per licensed location, effective January 1, 2015, contingent on enactment of HB 5835 and HB 5836.