By: Averitt S.B. No. 965
(In the Senate - Filed March 6, 2003; March 13, 2003, read
first time and referred to Committee on Business and Commerce;
April 2, 2003, reported favorably by the following vote: Yeas 8,
Nays 0; April 2, 2003, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to documentation in certain transactions involving a
pawnbroker.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 371.157, Finance Code, is amended to
read as follows:
Sec. 371.157. PAWN TICKET. A pawnbroker, at the time a pawn
transaction is entered, shall deliver to the pledgor a pawn ticket
or other memorandum that clearly shows:
(1) the name and address of the pawnshop;
(2) the pledgor's name, address, and physical
description and a driver's license number, military identification
number, identification certificate number, or other official
number that can identify the pledgor;
(3) the date of the transaction;
(4) an identification and description of the pledged
goods, including serial numbers if reasonably available;
(5) the amount of cash advanced or credit extended to
the pledgor, designated as "Amount Financed";
(6) the amount of the pawn service charge, designated
as "Finance Charge";
(7) the total amount, consisting of the amount
financed plus the finance charge, that must be paid to redeem the
pledged goods on the maturity date, designated as "Total of
Payments";
(8) the "Annual Percentage Rate," computed according
to regulations issued by the Federal Reserve Board under the Truth
in Lending Act (15 U.S.C. Section 1601 et seq.), as amended;
(9) the maturity date of the pawn transaction; and
(10) a statement that:
(A) the pledgor is not obligated to redeem the
pledged goods; and
(B) the pledged goods may be forfeited to the
pawnbroker on the 31st [61st] day after the maturity date.
SECTION 2. Subsection (b), Section 371.174, Finance Code,
is amended to read as follows:
(b) Identification is acceptable only if it contains a
photograph of the pledgor or seller and is:
(1) a state driver's license;
(2) a state identification card;
(3) a passport;
(4) a military identification;
(5) a certificate of identification from the Mexican
Consulate, certificado de matricula consular [nonresident alien
border crossing card]; or
(6) identification issued by the agency of the United
States responsible for citizenship and immigration [a resident
alien border crossing card; or
[(7) a United States Immigration and Naturalization
Service identification].
SECTION 3. This Act takes effect September 1, 2003.
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