Senate Bill 2533

AN ACT TO AMEND SECTION 75-67-305, MISSISSIPPI CODE OF 1972, TO REQUIRE PAWNBROKERS TO MAKE AND MAINTAIN A DIGITAL PHOTOGRAPH OF THE PLEDGOR OR SELLER; TO AMEND SECTION 75-67-315, MISSISSIPPI CODE OF 1972, TO PROHIBIT A PAWNBROKER FROM ACCEPTING A PLEDGE FROM A PERSON UNDER THE AGE OF 21; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 75-67-305, Mississippi Code of 1972, is amended as follows:

75-67-305. (1) At the time of making the pawn or purchase transaction, the pawnbroker shall enter upon the pawn ticket a record of the following information which shall be typed or written in ink and in the English language:

(a) A clear and accurate description of the property, including the following:

(i) Brand name;

(ii) Model number;

(iii) Serial number;

(iv) Size;

(v) Color, as apparent to the untrained eye;

(vi) Precious metal type, weight and content, if known;

(vii) Gemstone description, including the number of stones;

(viii) In the case of firearms, the type of action, caliber or gauge, number of barrels, barrel length and finish; and

(ix) Any other unique identifying marks, numbers, names or letters;

(b) The name, residence address and date of birth of pledgor or seller;

(d) Driver's license number or social security number or Mississippi identification card number, as defined in Section 45-35-1, Mississippi Code of 1972, of the pledgor or seller or identification information verified by at least two (2) forms of identification, one (1) of which shall be a photographic identification;

(f) Description of the pledgor including approximate height, sex and race;

(g) Amount of cash advanced;

(h) The maturity date of the pawn transaction and the amount due; and

(i) The monthly rate and pawn charge. Such rates and charges shall be disclosed using the requirements prescribed in Regulation Z (Truth in Lending) of the rules and regulations of the Board of Governors of the Federal Reserve.

(2) At the time of each pawn transaction, the pawn broker shall make a digital photograph of the pledgor or seller and shall maintain the photograph as part of the record for each pawn transaction.

( * * *23) Each pawn or purchase transaction document shall be consecutively numbered and entered in a corresponding log or record book. Separate logs or record books for pawn and purchase transactions shall be kept.

( * * *34) Records may be in the form of traditional hard copies, computer printouts or magnetic media if readily accessible for viewing on a screen with the capability of being promptly printed upon request.

( * * *45) Every licensee shall maintain a record which indicates the total number of accounts and the total dollar value of all pawn transactions outstanding as of December 31 of each year.

SECTION 2. Section 75-67-315, Mississippi Code of 1972, is amended as follows:

75-67-315. A pawnbroker and any clerk, agent or employee of such pawnbroker shall not:

(a) Fail to make an entry of any material matter in his record book;

(b) Make any false entry therein;

(c) Falsify, obliterate, destroy or remove from his place of business such records, books or accounts relating to the licensee's pawn transaction;

(d) Refuse to allow the commissioner, the appropriate law enforcement agency, the Attorney General or any other duly authorized state or federal law enforcement officer to inspect his pawn records or any pawn goods in his possession during the ordinary hours of business or other acceptable time to both parties;

(e) Fail to maintain a record of each pawn transaction for four (4) years;

(f) Accept a pledge or purchase property from a person under the age of * * *~~eighteen (18)~~ twenty-one (21) years;

(g) Make any agreement requiring the personal liability of a pledgor or seller, or waiving any of the provisions of this article or providing for a maturity date less than thirty (30) days after the date of the pawn transaction;

(h) Fail to return or replace pledged goods to a pledgor or seller upon payment of the full amount due the pawnbroker unless the pledged goods have been taken into custody by a court or a law enforcement officer or agency;

(i) Sell or lease, or agree to sell or lease, pledged or purchased goods back to the pledgor or back to the seller in the same or related transaction;

(j) Sell or otherwise charge for insurance in connection with a pawn transaction;

(k) Remove pledged goods from the premises within thirty (30) days following the originally fixed maturity date;

(l) Accept a pledge or purchase property when such property has manufacturer's serial numbers which have been obviously removed and/or obliterated.

SECTION 3. This act shall take effect and be in force from and after July 1, 2014.