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Introduced Version House Bill 2547 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 2547


(By Delegates Argento, Barker, Martin,
Caputo and Eldridge)
[Introduced February 17, 2009; referred to the
Committee on the Judiciary.]



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 requiring pawnbrokers to obtain 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.

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. PAWN BROKERS.
§47-25-1. Definitions.
(a) "Pawn broker" 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 perjury and subject to the penalties of section three, article five, chapter sixty-one of this code.
(b) A pawnbroker who fails to secure a signed ownership statement pursuant to section two of this article is guilty of a misdemeanor and shall be fined $200 for each offense.


NOTE: The purpose of this bill is to require pawnbrokers to 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.

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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