Enrolled Bill Summary

            House Bill 1511 amends the Texas Pawnshop Act to grant the legislature exclusive authority regarding the operation of pawnshops. The act sets notification requirements for rule changes relating to pawnshops; removes the authority of the consumer credit commissioner to adopt rules relating to displays and signs, maintenance of premises, and the keeping of firearms for security of pawnshops; and allows, rather than requires, the commissioner to define a reasonable hold period for a pledged item. It specifies that rules adopted by the commissioner relating to use of outdoor displays or signs at a pawnshop or to the maintenance of pawnshop premises are void.

            House Bill 1511 also clarifies provisions relating to the licensing and operation of pawnshops, including the conditions under which a temporary pawnshop license may be issued and the basis for reinstating or issuing a new license after a suspension or revocation. The act also includes provisions relating to bonding, net asset requirements, and notification when another person conducts business at a pawnshop. The act removes the requirement that an insurance underwriter approve the type of safe used in a pawnshop and increases the minimum value of goods that must be tagged from $10 to $25. Finally, the act includes provisions relating to the redemption of pledged goods, information to be recorded when a ticket is lost, destroyed, or stolen, and the acceptance of pledged items from minors.