SB 576-2_ Filed 04/07/2009, 10:50 Walorski
Adopted 4/7/2009
Text Box
PREVAILED Roll Call No. _______
FAILED Ayes _______
WITHDRAWN Noes _______
RULED OUT OF ORDER
[
HOUSE MOTION ____
]
MR. SPEAKER:
I move that Engrossed Senate Bill 576 be amended to read as follows:
SOURCE: Page 1, line 1; (09)MO057604.1. -->
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
SOURCE: IC 28-7-5-16; (09)MO057604.1. -->
"SECTION 1. IC 28-7-5-16, AS AMENDED BY P.L.57-2006,
SECTION 46, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2009]: Sec. 16. (a) The licensee shall keep and use in his
business such books, accounts, and records as will enable the
department to determine whether the licensee is complying with this
chapter and with the rules adopted by the department under this
chapter. Every licensee shall preserve such books, accounts, and
records, including cards used in the card system for at least two (2)
years after making the final entry on any loan recorded therein. The
books and records of the licensee shall be kept so that the pawnbroking
business transacted in Indiana may be readily separated and
distinguished from the business of the licensee transacted elsewhere
and from any other business in which the licensee may be engaged. To
determine whether the licensee is complying with this chapter and with
rules adopted by the department under this chapter, the department may
examine the books, accounts, and records required to be kept by the
licensee under this subsection. If the department examines the books,
accounts, and records of the licensee under this subsection, the licensee
shall pay all reasonably incurred costs of the examination in
accordance with the fee schedule adopted under IC 28-11-3-5.
(b) If a pawnbroker, in the conduct of the business, purchases an
article from a seller, the purchase shall be evidenced by a bill of sale
properly signed by the seller. All bills of sale must be in duplicate and
must recite the following separate items:
(1) Date of bill of sale.
(2) Amount of consideration.
(3) Name of pawnbroker.
(4) Description of each article sold. However, if multiple articles
of a similar nature that do not contain an identification or serial
number (such as precious metals, gemstones, musical recordings,
video recordings, books, or hand tools) are delivered together in
one (1) transaction, the description of the articles is adequate if
the description contains the quantity of the articles delivered and
a physical description of the type of articles delivered, including
any other unique identifying marks, numbers, names, letters, or
special features.
(5) Signature of seller.
(6) Address of seller.
(7) Date of birth of the seller.
(8) The type of United States or state government issued
identification used to verify the identity of the seller, together with
the name of the governmental agency that issued the
identification, and the identification number present on the
United States or state government issued identification.
(c) If a pawnbroker, in the conduct of the business, purchases an
article from a seller on the condition of selling the property back at a
stipulated price, the transaction shall be evidenced by a bill of sale
properly signed by the seller. All such bills of sale must be in duplicate
and recite the information in subsection (b) and must also contain the
following information:
(1) Date of resale.
(2) Amount of resale.
(d) The original copy of the bill of sale shall be retained by the
pawnbroker. The second copy shall be delivered to the seller by the
pawnbroker at the time of sale. The heading on all bill of sale forms
must be in boldface type.
(e) Each licensee shall maintain a record of control indicating the
number of accounts and dollar value of all outstanding pawnbroking
receivables. Each licensee shall maintain a separate record of
transactions subject to subsection (c).
SOURCE: IC 28-7-5-19; (09)MO057604.2. -->
SECTION 2. IC 28-7-5-19 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2009]: Sec. 19. (a) Every
pawnbroker shall keep a record in ink that must include the following:
(1) The name, date of birth, and address of the pledger, or where
the pledge is made by a person acting as agent for a disclosed
principal, the names, dates of birth, and addresses of principal and
agent.
(2) The date of the transaction.
(3) The amount of the loan.
(4) The article or articles pledged and a description of the articles.
However, if multiple articles of a similar nature that do not
contain an identification or serial number (such as precious
metals, gemstones, musical recordings, video recordings, books,
or hand tools) are delivered together in one (1) transaction, the
description of the articles is adequate if the description contains
the quantity of the articles delivered and a physical description of
the type of articles delivered, including any other unique
identifying marks, numbers, names, letters, or special features.
(5) The serial number of the loan.
(6) The date on which each loan was paid in full, renewed, or
unredeemed.
(7) An itemization of principal, interest, and additional fees
collected.
(8) An itemization of fees authorized under IC 28-7-5-25.
(9) The total of all charges collected.
(10) The type of United States or state government issued
identification used to verify the identity of the seller, together with
the name of the governmental agency that issued the
identification, and the identification number present on the
United States or state government issued identification.
(b) Other methods of recording data, such as electronic or
computerized methods, may be used provided written printouts or hard
copies of the required data are readily available. The record keeping
system of a licensee shall be made available in Indiana for
examination. The department shall determine the sufficiency of the
records and whether the licensee has made the required information
reasonably available.
SOURCE: IC 28-7-5-21; (09)MO057604.3. -->
SECTION 3. IC 28-7-5-21, AS AMENDED BY P.L.217-2007,
SECTION 71, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2009]: Sec. 21. (a) The pawnbroker shall, at the time of
making a loan, deliver to the pledger or the pledger's agent a
memorandum or ticket on which shall be legibly written or printed the
following information:
(1) The name of the pledger.
(2) The name of the pawnbroker and the place where the pledge
is made.
(3) The article or articles pledged, and a description of the
articles. However, if multiple articles of a similar nature that do
not contain an identification or serial number (such as precious
metals, gemstones, musical recordings, video recordings, books,
or hand tools) are delivered together in one (1) transaction, the
description of the articles is adequate if the description contains
the quantity of the articles delivered and a physical description of
the type of articles delivered, including any other unique
identifying marks, numbers, names, letters, or special features.
(4) The amount of the loan.
(5) The date of the transaction.
(6) The serial number of the loan.
(7) The sum of the interest as provided in section 28 of this
chapter and the charge as provided in section 28.5 of this chapter
stated as an annual percentage rate computed in accordance with
regulations issued by the Federal Reserve Board under the
Federal Consumer Credit Protection Act (as defined in
IC 24-4.5-1-302).
(8) The amount of interest.
(9) The amount of charge and principal due at maturity.
(10) A copy of sections 28, 28.5, and 30 of this chapter.
(11) The date of birth of the pledger.
(12) The type of United States or state government issued
identification used to verify the identity of the pledger, together
with the name of the governmental agency that issued the
identification, and the identification number present on the
United States or state government issued identification.
(13) The last date on which the pledged article or articles may be
redeemed before the article or articles may be sold if the loan is
not redeemed, renewed, or extended. The language setting forth
the information described in this subdivision must be in 14 point
boldface type.
(14) A statement that:
(A) notifies the pledger that the pawnbroking transaction is
regulated by the department; and
(B) includes a toll free telephone number for the department.
(b) A pawnbroker may insert in such ticket any other terms and
conditions not inconsistent with this chapter. However, nothing
appearing on a pawn ticket shall relieve the pawnbroker of the
obligations to exercise reasonable care in the safekeeping of articles
pledged with the pawnbroker.".
Renumber all SECTIONS consecutively.
(Reference is to ESB 576 as printed April 3, 2009.)
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MO057604/DI 71 2009