GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

S	1 

SENATE BILL 330

Short Title:  Deregulate Pawnbrokers.	(Public)
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Sponsors: Senators Swain; Winner and Sands.
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Referred to:  Judiciary I.
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March 1, 1989

A BILL TO BE ENTITLED
AN ACT TO ELIMINATE THE REQUIREMENT THAT PAWNBROKERS BE LICENSED.
The General Assembly of North Carolina enacts:
Section 1.  Chapter 91 of the General Statutes reads as rewritten:
                            "Chapter 91. 
"Pawnbrokers. 
"§ 91-1. Pawnbroker defined.
Any person, firm, or corporation who shall engage in the business of lending or advancing money on the pledge and possession of personal property, or dealing in the purchasing of personal property or valuable things on condition of selling the same back again at stipulated prices, is hereby declared and defined to be a pawnbroker.
"§ 
"§ 91nbond
"§ 91-4. Records to be kept.
Every pawnbroker shall keep a book in which shall be legibly written, at the time of each transaction involving the pawning, pledging or selling of used goods, articles or things between any person and the pawnbroker, his employee or agent, the following information:
An account and description of the used goods, articles, or things including if applicable, the manufacturer's name, the model, the model number, the serial number of the used goods, articles or things, and any engraved numbers or initials found on the goods, articles or things;
The amount of money paid or loaned thereon and the rate of interest to be paid, if applicable;
The date of the transaction; and
The name and residence of the person pawning, pledging, or selling the used goods, articles, or things.
The pawnbroker or his employee or agent shall require that the person pawning, pledging, or selling the used goods, articles, or things, present two forms of positive identification to him before the pawnbroker may complete any transaction regarding the pawning, pledging, or buying of used goods, articles, or things; provided, however, that the presentation of any one state or federal government issued identification containing a photographic representation imprinted thereon shall constitute compliance with the identification requirements of this paragraph. The pawnbroker or his employee or agent shall legibly record this identification information next to the person's name and residence in the book heretofore required to be kept.
Such book shall be a permanent record to be kept at all times on the premises of the place of business of the pawnbroker and shall be made available, during regular business hours, to any law-enforcement officer who requests to inspect the book. A copy of the records required to be kept by this section shall be filed within 48 hours of the transaction in the office of the sheriff of the county in which the pawnshop is located and the chief of police of the city or town in which the pawnshop is located.
"§ 91-5. Pawn ticket.
Every such pawnbroker shall at the time of each loan deliver to the person pawning or pledging any used goods, articles, or things, a ticket or memorandum or note signed by him containing the substance of the entry required to be made by him in his book as set out in G.S. 91-4. The said tickets or memorandums so issued shall be numbered consecutively and dated the day issued.
"§ 91-6. Sale of pledges.
No pawnbroker shall sell any pawn or pledge until the same shall have remained 60 days in his possession after the maturity of the debt for which the property was pledged. And no pawnbroker shall advertise or sell at his place of business as unredeemed pledges any articles of property other than those received by him as pawns or pledges in the usual course of his business. 
"§ 91-7. Usury law applicable.
The provisions of this Chapter shall not be construed to relieve any person from the penalty incurred under the laws against usury in this State.
"§ 91-8. Violation of Chapter misdemeanor.
Any person, firm, or corporation violating the provisions of this Chapter shall be guilty of a misdemeanor and fined or imprisoned, or both, in the discretion of the court."
Sec. 2. This act is effective upon ratification.