HB 3458 Summary

• Amends 59 O.S. 2011, Section 1512 (Oklahoma Pawnshop Act) to add private enforcement provisions for violations by pawnbrokers and customers

• Allows customers to void pawn transactions and recover all amounts paid plus pledged goods if pawnbrokers operate without proper licensing or charge excessive finance charges

• Permits customers to sue pawnbrokers for failure to disclose required information, with damages of twice the finance charge (minimum $100) plus court costs and attorney fees

• Authorizes pawnbrokers to pursue legal action against persons convicted of or pleading guilty to selling/pledging stolen property with false identification or failing to repay after notification of theft

• Effective November 1, 2014