This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0887 - Regulates Pawnbrokers & Pawnshops, With Penalty Provisions
L.R. NO. 3342-01
BILL NO. SB 887 with SCA 1
SUBJECT: Pawnbrokers: Regulations
TYPE: Original
DATE: March 1, 1996
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
Local Government (Unknown) (Unknown) (Unknown)
FISCAL ANALYSIS
ASSUMPTION
Officials of the Department of Economic Development - Division of Finance
assume this legislation would have no fiscal impact on their agency.
Oversight assumes that this legislation could have fiscal impact on counties
which impose confinement penalties on pawnshop licensees convicted of
violation of the law, since current law allows for punishment by fine only.
However, the amount of potential costs to counties is unknown.
FISCAL IMPACT - State Government FY 1997 FY 1998 FY 1999
(10 Mo.)
0 0 0
FISCAL IMPACT - Local Government FY 1997 FY 1998 FY 1999
(10 Mo.)
Unknown potential costs to counties of
incarcerating licensees convicted of
violating pawnshop law (Unknown) (Unknown) (Unknown)
DESCRIPTION
This legislation makes numerous revisions to laws governing licensed
pawnbrokers, including increasing the penalties for failure to comply with
the laws to a maximum fine of $5,000 and/or confinement in county jail for a
maximum of six months and revocation of the pawnshop license.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Department of Economic Development - Division of Finance