SB 887 - This act modifies portions of Chapter 367, RSMo, Pawnbrokers and Small Loans.

Section 367.011 - Several terms are defined including "a person of good moral character", "pawn transaction", "pawn ticket", and "pledgor". The term "secured personal credit loan" has been deleted and replaced with "pawn transaction".

Section 367.031 - Every pawn ticket must contain at least 12 pieces of information, including a complete and accurate description of the pledged goods, applicable interest charges and fees, and the total of all payments which must be made to redeem the pledged goods. This section also gives law enforcement officials access to the pawn ticket and the pledged goods.

Section 367.040 - Pawn transactions mature one month later unless extended by written agreement. Title to the pledged goods is automatically transferred to the pawnbroker if the pledgor fails to pay all amounts due within 60 days of maturity. Requirements regarding the purchase or trade of used or secondhand tangible personal property are detailed.

Section 367.043 - The issuance of a municipal or county pawnshop license is detailed. No municipality or county can restrict a pawnshop license holder, who is in compliance with the law, from selling, conveying, transferring or otherwise disposing of an existing pawnshop license.

Section 367.044 - This section addresses the rights and responsibilities of the purchaser, the defendant, the claimant and the pawnbroker when it is determined that the pledged goods have been "misappropriated" (stolen, embezzled, etc.).

Section 367.045 - This section details the Class B misdemeanor criminal penalty associated with the crime of fraudulently pledging or selling misappropriated property.

Section 367.046 - This section allows a law enforcement officer to place a "written hold order" on property believed to be misappropriated. The requirements of the hold order are detailed. Section 367.047 allows the law enforcement officer to take physical possession of the property subject to the hold order. Section 367.048 states that a pawnbroker's license may be suspended or revoked for gross negligence or willful non- compliance with a hold order.

Section 367.050 - This section outlines the Class B misdemeanor criminal penalty associated with a willful violation of Sections 367.011 to 367.050.
RONALD J. LEONE

SCA 1 - THE ABILITY OF A MUNICIPALITY OR COUNTY TO REGULATE THE NUMBER OF PAWNSHOP LICENSES IS NOT RESTRICTED.