Honorable Geanie Morrison, Chair, House Committee on Environmental Regulation
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB1703 by Dukes (Relating to the disposition and identification of certain goods acquired by recycling entities and pawnbrokers; providing a civil penalty.), As Introduced
No significant fiscal implication to the State is anticipated.
This bill would amend the Occupations Code and Finance Code relating to the disposition and identification of certain goods acquired by recycling entities and pawnbrokers. This bill would amend Chapter 371 of the Finance Code, regarding pawnbrokers, to require the Consumer Credit Commissioner to create and maintain an online database to register goods purchased, accepted in pawn, or otherwise acquired by pawnbrokers. The bill would establish a civil penalty of up to $500 per item for a pawnbroker that fails to register an item on the online database.
According to information provided by the Consumer Credit Commissioner there are currently 1,336 active Texas pawnshops operating in Texas. Based on 2013 annual report data, Texas Pawnbrokers made approximately 8.6 million pawn transactions and entered into approximately 1.4 million purchase transactions. According to the Comptroller of Public Accounts (CPA), revenue generated from the civil penalty established in the bill cannot be determined at this time.
Based on information provided by the Office of the Consumer Credit Commissioner, the Office of the Attorney General and CPA, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
302 Office of the Attorney General, 304 Comptroller of Public Accounts, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner