H. B. 2964
(By Delegates Argento, Barker, Hrutkay,
Martin, Caputo, Eldridge, Yost and Stemple)
[Introduced January 9, 2008; 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 41. 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 pawnbroker 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 two hundred dollars 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.