HB5995 Summary

• Establishes a statewide electronic database of pawned items and purchased items to be implemented and maintained by the Michigan Department of State Police within 90 days of enactment.

• Requires pawnbrokers to electronically transmit transaction information to the department within 48 hours of acquiring pawned or purchased items, with records retained for at least 5 years.

• Creates new licensing fee structure allowing governmental units to set annual pawnbroker license fees between $50-$500, plus an optional application processing fee not to exceed $50.

• Consolidates and clarifies definitions of key terms including "pawnbroker," "pawned item," "purchased item," and "reportable item" to include transactions by precious metal dealers and secondhand dealers.

• Expands internet drop-off store exemptions from pawnbroker licensing requirements while maintaining specific conditions including public website listing with zip code searchability, police access, and non-cash payment requirements.