HB 0085 Revises a Large Portion of Chap. 367 Relating to Pawnshops
Sponsor:RIZZO Handling House Bill:DEPASCO
Committee:CIVI LR Number:L0250.02P
Last Action:05/15/95 - S Inf Calendar H Bills for Third Reading
Title:HCS/HB 85
Effective Date:August 28, 1995
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Current Bill Summary

RONALD LEONE HCS/HB 85 - This act modifies several sections of the law relating to pawnshops (Chapter 367, RSMo).

Section 367.011 defines several new terms including benefactor, claimant, customer, and a person of good moral character.

Section 367.031 requires that a pawnbroker provide a receipt to a pledgor containing, among other items, an accurate description of the pledged goods, the amount financed, the interest rate and service fees charged, and the annual percentage rate as required by the Truth-in-Lending Act.

Local law enforcement officers are given the authority to make reasonable inspections of the pawned property. In addition, this section also provides a procedure for the replacement of a lost pawn ticket.

Section 367.040 requires that a record be made establishing an accurate description of the customer and the property before a pawnbroker purchases or takes in trade used or second-hand tangible property. This act also mandates that a pawnbroker not accept any item with a serial number that has been intentionally defaced.

Section 367.043 provides for restrictions regarding the transfer of an existing pawnshop license. In addition, the surety filed by the pawnshop shall run in favor of the municipality or county and the state.

Section 367.044 provides detailed language regarding the procedures to follow when an individual claims that personal property held by a pawnbroker is stolen, embezzled, mortgaged or otherwise pledged or encumbered.

Section 367.045 sets forth the penalty assessed when a customer is found to be guilty of fraudulently pledging stolen, embezzled, mortgaged or otherwise pledged goods.

Section 367.046 gives local law enforcement agencies the ability to place a hold order on property in the pawnbroker's possession that the agency believes is stolen, embezzled, mortgaged or otherwise pledged.