House Bill 550 Summary

• Raises the minimum age for individuals to pledge or sell property to pawnbrokers from 18 years to 21 years old.

• Requires pawnbrokers to make transaction records available online to all law enforcement agencies within 72 hours of transactions, replacing prior language about software/disc requirements.

• Reduces the mandatory holding period for purchased goods from 21 days to 14 days, provided transactions are reported to law enforcement as required.

• Consolidates and brings forward 21 existing pawnshop regulatory sections covering licensing, record-keeping, fees, prohibited practices, and enforcement procedures.

• Takes effect July 1, 2015.