| SB 0730 | Revises Missouri's pawnbroker laws |
| Sponsor: | DePasco | |||
| LR Number: | S3160.01I | Fiscal Note: | 3160-01 | |
| Committee: | Commerce and Environment | |||
| Last Action: | 02/10/98 - Voted Do Pass w/SCA 1 S Commerce & Environment | Journal page: | ||
| Committee | ||||
| Title: | ||||
| Effective Date: | August 28, 1998 | |||
SB 730 - This act deals with pawnbrokers and revises provisions of SB 18 (1993) which pertained to pawnbrokers and stolen property.
A person who claims that pledged goods in the possession of a pawnbroker were stolen may reclaim the goods by filing a petition in a court of competent jurisdiction in the county where the goods were stolen or in the county where the pawnshop is located.
At least ten days prior to filing a petition, the claimant shall give notice to the pawnbroker. A claimant who does not file a notice with the pawnbroker cannot recover the property or attorney fees.
When notified that property may have been stolen, the pawnbroker must investigate the claim. If the claim is valid and the property is not subject to a pawn transaction contract, the pawnbroker must return the property to the owner. Property held under a pawn transaction contract may be returned to the claimant upon termination of the contract, but if the pledgor claims the property it may be held until a court resolves ownership.
Fraudulently pledging or selling property is a Class B misdemeanor if the amount received by the customer was less than fifty dollars. If the amount received by the customer was more than fifty dollars but less than one hundred dollars, the crime shall be a Class A misdemeanor. Fraudulently pledging or selling property is a Class C felony if the amount received by a customer from the pawnbroker is one hundred fifty dollars or more.
The act contains provisions pertaining to property used by law enforcement officers in investigations and the subsequent return of the property to the pawnbroker.
When a law enforcement officer has probable cause to believe that stolen goods or property are in the possession of a pawnbroker, the officer may place a hold on the property. Information required by the hold order is specified.
A pawn broker who violates the provisions of this act may be fined up to $5,000 ($1,000 in current law) and the license of a pawn broker shall be revoked upon a second offense.
This act is very similar to SB 142 (1997), however, it does
not contain title pledge loans provisions.
JOAN GUMMELS
SCA 1 - ADDRESSES "RENT-TO-OWN" COMPANIES