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90_HB2157
205 ILCS 510/5 from Ch. 17, par. 4655
Amends the Pawnbroker Regulation Act. Provides that in
municipalities in counties having 3,000,000 or more
inhabitants, pawnbrokers' record books shall be approved by
the police department of the municipality in which the pawn
broker does business. Effective immediately.
LRB9004926JScc
LRB9004926JScc
1 AN ACT to amend the Pawnbroker Regulation Act by changing
2 Section 5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Pawnbroker Regulation Act is amended by
6 changing Section 5 as follows:
7 (205 ILCS 510/5) (from Ch. 17, par. 4655)
8 Sec. 5. Record requirements.
9 (a) Except in municipalities located in counties having
10 3,000,000 or more inhabitants, every pawn and loan broker
11 shall keep a standard record book that has been approved by
12 the sheriff of the county in which the pawnbroker does
13 business. In municipalities in counties with 3,000,000 or
14 more inhabitants, the record book shall be approved by the
15 police department of the municipality in which the pawn or
16 loan broker does business., in which shall be written in ink,
17 At the time of each and every loan or taking of a pledge, an
18 accurate account and description, in the English language, of
19 all the goods, articles and other things pawned or pledged,
20 the amount of money, value or thing loaned thereon, the time
21 of pledging the same, the rate of interest to be paid on such
22 loan, and the name and residence of the person making such
23 pawn or pledge shall be written in ink in the record book.
24 Such entry shall include the serial number or identification
25 number of items received which are required to bear such
26 number. Every pawnbroker shall also record in his book, an
27 accurate account and description, in the English language, of
28 all goods, articles and other things purchased or received
29 for the purpose of resale or loan collateral by the
30 pawnbroker from any source, not in the course of a pledge or
31 loan, the time of such purchase or receipt and the name and
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1 address of the person or business which sold or delivered
2 such goods, articles, or other things to the pawnbroker. No
3 entry in such book shall be erased, mutilated or changed.
4 (b) Every pawnbroker shall require 2 forms of
5 identification to be shown him by each person pledging or
6 pawning any goods, articles or other things to the
7 pawnbroker. One of the two forms of identification must
8 include his or her residence address. These forms of
9 identification shall include, but not be limited to, any of
10 the following: driver's license, social security card,
11 utility bill, employee or student identification card, credit
12 card, or a civic, union or professional association
13 membership card.
14 (Source: P.A. 84-1308.)
15 Section 99. Effective date. This Act takes effect upon
16 becoming law.