[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 002 ] |
| [ Conference Committee Report 001 ] |
90_HB2215enr
205 ILCS 510/5 from Ch. 17, par. 4655
205 ILCS 510/6 from Ch. 17, par. 4656
205 ILCS 510/7 from Ch. 17, par. 4657
205 ILCS 510/10 from Ch. 17, par. 4660
Amends the Pawnbroker Regulation Act. Permits pawnbroker
records to be maintained in computer format. Provides that
pawnbroker records are confidential. Provides that reports
may be made by computer memory devices. Requires pawned
property to be held by the pawnbroker for 72 (rather than 24)
hours.
LRB9004318JSgc
HB2215 Enrolled LRB9004318JSgc
1 AN ACT concerning pawnbrokers, amending named Acts.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Pawnbroker Regulation Act is amended by
5 changing Sections 2, 5, 6, 7, 10, and 11 and adding Sections
6 0.05 and 7.5 as follows:
7 (205 ILCS 510/0.05 new)
8 Sec. 0.05. Administration of Act.
9 (a) This Act shall be administered by the Commissioner
10 of Banks and Real Estate who shall have all of the following
11 powers and duties in administering this Act:
12 (1) To promulgate reasonable rules for the purpose
13 of administering the provisions of this Act.
14 (2) To issue orders for the purpose of
15 administering the provisions of this Act and any rule
16 promulgated in accordance with this Act.
17 (3) To appoint hearing officers and to hire
18 employees or to contract with appropriate persons to
19 execute any of the powers granted to the Commissioner
20 under this Section for the purpose of administering this
21 Act and any rule promulgated in accordance with this Act.
22 (4) To subpoena witnesses, to compel their
23 attendance, to administer an oath, to examine any person
24 under oath, and to require the production of any relevant
25 books, papers, accounts, and documents in the course of
26 and pursuant to any investigation being conducted, or any
27 action being taken, by the Commissioner in respect of any
28 matter relating to the duties imposed upon, or the powers
29 vested in, the Commissioner under the provisions of this
30 Act or any rule promulgated in accordance with this Act.
31 (5) To conduct hearings.
HB2215 Enrolled -2- LRB9004318JSgc
1 (6) To impose civil penalties graduated up to
2 $1,000 against any person for each violation of any
3 provision of this Act or any rule promulgated in
4 accordance with this Act based upon the seriousness of
5 the violation.
6 (7) To issue a cease and desist order and, for
7 violations of this Act or any rule promulgated in
8 accordance with this Act, to suspend a license issued
9 under this Act for up to 30 days, and for a continued
10 pattern of violations to revoke a license issued under
11 this Act.
12 (b) After consultation with local law enforcement
13 officers, the Attorney General, and the industry, the
14 Commissioner may by rule require that pawnbrokers operate
15 video camera surveillance systems to record photographic
16 representations of customers and retain the tapes produced
17 for up to 30 days.
18 (c) Pursuant to rule, the Commissioner shall issue
19 licenses on an annual or multi-year basis for operating a
20 pawn shop. Any person currently operating or who has operated
21 a pawnshop in this State during the 2 years preceding the
22 effective date of this amendatory Act of 1997 shall be issued
23 a license upon payment of the fee required under this Act.
24 New applicants shall meet standards for a license as
25 established by the Commissioner. The Commissioner shall
26 establish license fees. The fees shall not exceed the amount
27 reasonably required for administration of this Act. It shall
28 be unlawful to operate a pawn shop without a license.
29 (d) The Pawnbroker Regulation Fund is established as a
30 special fund in the State treasury. Moneys collected under
31 this Act shall be deposited into the Fund and used for the
32 administration of this Act. In the event that General
33 Revenue Funds are appropriated to the Office of the
34 Commissioner of Banks and Real Estate for the initial
HB2215 Enrolled -3- LRB9004318JSgc
1 implementation of this Act, the Governor may direct the
2 repayment from the Pawnbroker Regulation Fund to the General
3 Revenue Fund of such advance in an amount not to exceed
4 $30,000. The Governor may direct this interfund transfer at
5 such time as he deems appropriate by giving appropriate
6 written notice.
7 (e) All final administrative decisions of the
8 Commissioner under this Act shall be subject to judicial
9 review pursuant to the provisions of the Administrative
10 Review Law. For matters involving administrative review,
11 venue shall be in either Sangamon County or Cook County.
12 (205 ILCS 510/2) (from Ch. 17, par. 4652)
13 Sec. 2. It shall be unlawful for any pawnbroker to charge
14 or collect a greater benefit or percentage upon money
15 advanced, and for the use and forbearance thereof, than the
16 rate of 3% per month. Nothing in this Section shall be
17 construed so as to conflict with the law pertaining to usury
18 and the person receiving money so advanced may hold such
19 moneys to pay any fees in addition to interest as herein
20 provided.
21 Each pawnbroker, when making a loan under this Section,
22 must disclose in printed form on the pawn contract the
23 following information to the persons receiving the loan:
24 (1) the amount of money advanced, which must be
25 designated as the amount financed;
26 (2) the maturity date of the pawn, which must be at
27 least 30 days after the date of the pawn;
28 (3) the total pawn interest and service charge
29 payable on the maturity date, which must be designated as
30 the finance charge;
31 (4) the total of payments that must be paid to
32 redeem the pledged goods on the maturity date, which must
33 be designated as the total of payments; and
HB2215 Enrolled -4- LRB9004318JSgc
1 (5) the annual percentage rate, computed according
2 to the regulations adopted by the Board of Governors of
3 the Federal Reserve System under the Federal Truth in
4 Lending Act.
5 Each pawnbroker may contract for and receive a monthly
6 finance charge including interest and fees not to exceed
7 one-fifth of the loan amount such fees in addition to
8 interest authorized by this Section, as set forth herein, for
9 appraising, investigating title, storing storage, and
10 insuring the collateral, closing the loan, making daily
11 reports to local law enforcement officers including enhanced
12 computerized reporting, complying with regulatory
13 requirements, and for other expenses and losses of every
14 nature whatsoever and for all other services. Such fees, when
15 made and collected, shall not be deemed interest for any
16 purpose of law.
17 Every pawnbroker, when making a loan under this Section,
18 shall be entitled to charge and collect a one-time fee for
19 each loan for services rendered as set forth in the following
20 schedule:
21 (a) For loans not exceeding $100 a fee not to
22 exceed $12;
23 (b) For loans exceeding $100 but not exceeding $250
24 a fee not to exceed $25;
25 (c) For loans exceeding $250 but not exceeding $500
26 a fee not to exceed $35;
27 (d) For loans exceeding $500 but not exceeding
28 $1,000 a fee not to exceed $50;
29 (e) For loans exceeding $1,000 a fee not to exceed
30 5% of the loan principal.
31 (Source: P.A. 87-802.)
32 (205 ILCS 510/5) (from Ch. 17, par. 4655)
33 Sec. 5. Record requirements.
HB2215 Enrolled -5- LRB9004318JSgc
1 (a) Every pawn and loan broker shall keep a standard
2 record book that has been approved by the sheriff of the
3 county in which the pawnbroker does business, in which shall
4 be printed, typed, or written in ink, at the time of each and
5 every loan or taking of a pledge, an accurate account and
6 description, in the English language, of all the goods,
7 articles and other things pawned or pledged, the amount of
8 money, value or thing loaned thereon, the time of pledging
9 the same, the rate of interest to be paid on such loan, and
10 the name and residence of the person making such pawn or
11 pledge. Such entry shall include the serial number or
12 identification number of items received which are required to
13 bear such number. Except for items purchased from dealers
14 possessing a federal employee identification number who have
15 provided a receipt to the pawnbroker, every pawnbroker shall
16 also record in his book, an accurate account and description,
17 in the English language, of all goods, articles and other
18 things purchased or received for the purpose of resale or
19 loan collateral by the pawnbroker from any source, not in the
20 course of a pledge or loan, the time of such purchase or
21 receipt and the name and address of the person or business
22 which sold or delivered such goods, articles, or other things
23 to the pawnbroker. No entry in such book shall be erased,
24 mutilated or changed.
25 (b) Every pawnbroker shall require 2 forms of
26 identification to be shown him by each person pledging or
27 pawning any goods, articles or other things to the
28 pawnbroker. One of the two forms of identification must
29 include his or her residence address. These forms of
30 identification shall include, but not be limited to, any of
31 the following: driver's license, social security card,
32 utility bill, employee or student identification card, credit
33 card, or a civic, union or professional association
34 membership card.
HB2215 Enrolled -6- LRB9004318JSgc
1 (c) A pawnbroker may maintain the records required by
2 subsection (a) in computer form if the computer form has been
3 approved by the Commissioner, the sheriff of the county in
4 which the shop is located, and the police department of the
5 municipality in which the shop is located.
6 (d) Records, including reports to the Commissioner,
7 maintained by pawnbrokers shall be confidential, and no
8 disclosure of pawnbroker records shall be made except
9 disclosures authorized by this Act or ordered by a court of
10 competent jurisdiction. No record transferred to a
11 governmental official shall be improperly disclosed, provided
12 that use of those records as evidence of a felony or
13 misdemeanor shall be a proper purpose.
14 (e) Pawnbrokers and their associations may lawfully give
15 appropriate governmental agencies computer equipment for the
16 purpose of transferring information pursuant to this Act.
17 (Source: P.A. 84-1308.)
18 (205 ILCS 510/6) (from Ch. 17, par. 4656)
19 Sec. 6. Inspection of records. The said book or computer
20 records, as well as every article or other thing of value so
21 pawned or pledged, shall at all times be open to the
22 inspection of the sheriff of the county, his deputies or any
23 members of the police force of any city in the county in
24 which such pawnbroker does business.
25 (Source: Laws 1909, p. 300.)
26 (205 ILCS 510/7) (from Ch. 17, par. 4657)
27 Sec. 7. Daily report.
28 (a) Except as provided in subsection (b), it shall be
29 the duty of every pawnbroker to make out and deliver to the
30 sheriff of the county in which such pawnbroker does business,
31 on each day before the hours of 12 o'clock noon, a legible
32 and exact copy from the standard record book, as required in
HB2215 Enrolled -7- LRB9004318JSgc
1 Section 5 of this Act, that lists all personal property and
2 any other valuable thing things received on deposit or
3 purchased during the preceding day, including together with
4 the exact time when received or purchased, and a description
5 of the person or person by whom left in pledge, or from whom
6 the same were purchased; provided, that in cities or towns
7 having 25,000 twenty-five thousand or more inhabitants, a
8 copy of the such report shall at the same time also be
9 delivered to the superintendent of police or the chief police
10 officer of such city or town. Such report may be made by
11 computer printout or input memory device if the format has
12 been approved by the local law enforcement agency.
13 (b) In counties with more than 3,000,000 inhabitants, a
14 pawnbroker must provide the daily report to the sheriff only
15 if the pawnshop is located in an unincorporated area of the
16 county.
17 (Source: P.A. 84-479.)
18 (205 ILCS 510/7.5 new)
19 Sec. 7.5. Report to the Commissioner.
20 (a) A licensee shall file a report with the Commissioner
21 disclosing all of the following information for the preceding
22 calendar year:
23 (1) Number of pawns made.
24 (2) Amount financed on pawn transactions.
25 (3) Average amount financed.
26 (4) Number of pawns not redeemed.
27 (5) Amount of pawns not redeemed.
28 (6) Average amount of pawns not redeemed.
29 (7) Number of pawns surrendered to law enforcement.
30 (8) Amount of pawns surrendered to law enforcement.
31 (9) Average size of pawns surrendered to law
32 enforcement.
33 (10) Number of pawnshop employees as of the end of
HB2215 Enrolled -8- LRB9004318JSgc
1 the calendar year.
2 (b) The office of the Commissioner of Banks and Real
3 Estate shall prescribe the form of the report and establish
4 the date by which the report must be filed.
5 (205 ILCS 510/10) (from Ch. 17, par. 4660)
6 Sec. 10. Sale of property. No personal property received
7 on deposit or pledge, or purchased by any such pawnbroker,
8 shall be sold or permitted to be redeemed or removed from the
9 place of business of such pawnbroker for the space of 48
10 twenty-four hours after the delivery of the copy and
11 statement required by Section 7 of this Act required to be
12 delivered to the officer or officers named therein. If the
13 pawner or pledger fails to repay the loan during the period
14 specified on the pawn ticket, the pawnbroker shall
15 automatically extend a grace period of 30 days from the
16 default date on the loan during which the pawnbroker shall
17 not dispose of or sell the personal property pledged. The
18 parties may agree to extend or renew a loan upon terms agreed
19 upon by the parties, provided the terms comply with the
20 requirements of this Act; and no personal property pawned or
21 pledged shall be sold or disposed of by any such pawnbroker
22 within one year from the time when the pawner or pledger
23 shall make default in the payment of interest on the money so
24 advanced by such pawnbroker, unless by the written consent of
25 such pawner or pledger.
26 (Source: Laws 1909, p. 300.)
27 (205 ILCS 510/11) (from Ch. 17, par. 4661)
28 Sec. 11. Every person pawnbroker who knowingly violates
29 the provisions of this Act shall, for the first offense, be
30 guilty of a Class C misdemeanor, and for each subsequent
31 offense shall be guilty of a Class A misdemeanor, provided,
32 that this Act shall not be construed as to, in any wise,
HB2215 Enrolled -9- LRB9004318JSgc
1 impair the power of cities or villages in this State to
2 license, tax, regulate except as to fee amounts, suppress,
3 and prohibit pawnbrokers as now provided by law.
4 (Source: P.A. 84-195.)
5 Section 10. The State Finance Act is amended by adding
6 Section 5.449 as follows:
7 (30 ILCS 105/5.449 new)
8 Sec. 5.449. The Pawnbroker Regulation Fund.
9 Section 99. This Act takes effect on July 1, 1998.