COMMITTEE SUBSTITUTE
FOR
H. B. 2547
(By Delegates Argento, Barker, Martin,
Caputo and Eldridge)
(Originating in the Committee on the Judiciary.)
(March 20, 2009)
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new article, designated §47-25-1, §47-25-2
and §47-25-3, all relating to pawnbrokers; requiring
pawnbrokers to obtain and retain a signed statement affirming
ownership from each seller or pledgor on all sale or pawn
transactions, except for refinance pawn transactions or
merchandise bought from a manufacturer or wholesaler with an
established place of business; making the violation of that
requirement a misdemeanor; making the filing of a false
statement of ownership a misdemeanor; making a pawnbroker's
failure to comply a misdemeanor; establishing criminal
penalties for offenses; and definitions.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new article, designated §47-25-1, §47-25-2 and
§47-25-3, all to read as follows:
ARTICLE 25. PAWNBROKERS.
§47-25-1. Definitions.
(a) "Pawnbroker" means any person, partnership, association or
corporation advancing money in a pawn transaction in exchange for
collateral in the property of the pledgor.
(b) "Pawn transaction" means a transaction between a
pawnbroker and a pledgor where the pledgor's property is placed in
the possession of the pawnbroker as security for money or other
valuable consideration provided to the pledgor on the condition
that the pledgor may pay a pawn charge and redeem his or her
property within a predetermined time frame. Pawn transactions do
not include those transactions where securities or printed evidence
of indebtedness are used as security for the transaction.
(c) "Pledgor" means a person who delivers the pledge into the
possession of a pawnbroker, unless such person discloses that he or
she is acting on behalf of another, and in such an event "pledgor"
means the disclosed principal.
§47-25-2. Ownership statement.
All pawnbrokers shall obtain a signed statement affirming
ownership from a seller or pledgor on all sale or pawn
transactions, except for refinance pawn transactions or merchandise
bought from a manufacturer or wholesaler with an established place
of business. A signed statement affirming ownership shall appear
on the bill of sale or pawn ticket that is completed by the seller
or pledgor at the time of the transaction.
§47-25-3. Penalties; pledgor, pawnbroker.
(a) A seller or pledgor who falsely affirms ownership in a
pawn transaction is guilty of obtaining money, property and
services by false pretenses and subject to the penalties of section
twenty-four, article three, chapter sixty-one of this Code.
(b) A pawnbroker who fails to obtain or secure a signed
ownership statement pursuant to this article is shall be fined not
more than $200 for each offense.
§47-25-4. Retention of records.
A pawnbroker shall maintain in either paper or electronic form
for not less than three years the signed ownership statements of
each seller or pledgor.
NOTE: The purpose of this bill is to require pawnbrokers to
obtain and retain a signed statement affirming ownership from a
seller or pledgor on all sale or pawn transactions, except for
refinance pawn transactions or merchandise bought from a
manufacturer or wholesaler with an established place of business.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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