SB531 Alabama 2012 Session

Session

Regular Session 2012

Title

Pawnshops, manufactured home titles, land deeds and real estate not pledged goods, fees increased, regulation, confiscation of property by local law enforcement, Secs. 5-19A-2, 5-19A-7, 5-19A-8, 5-19A-11, 5-19A-15, 5-19A-19 am'd

Description

Under existing law, the Alabama Pawnshop Act governs pawn transactions.

This bill would clarify that vehicle and manufactured home titles, land deeds, and real estate are not pledged goods; require certain conditions regarding renewed pawn transactions; clarify prohibited acts regarding maintaining pledged goods; increase the license and investigation fees; provide for regulations; clarify the procedures related to the confiscation of property by local law enforcement; and clarify that no additional fees relating to the reporting of a pawn transaction may be imposed.

To amend Sections 5-19A-2, 5-19A-7, 5-19A-8, 5-19A-11, 5-19A-15, and 5-19A-19 of the Code of Alabama 1975, relating to the Alabama Pawnshop Act; to clarify that vehicle and manufactured home titles, land deeds, and real estate are not pledged goods; to require certain conditions regarding renewed pawn transactions; to clarify the prohibited acts regarding maintaining pledged goods; to increase the license and investigation fees; to provide for regulations; to clarify the procedures related to the confiscation of property by local law enforcement; and to clarify that no additional fees relating to the reporting of a pawn transaction may be imposed.

Subjects

Pawnshops