85R1731 GRM-D
 
  By: Davis of Harris H.B. No. 1157
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the hold period for the disposition of and payment for
  items of goods acquired by pawnbrokers.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 371.182, Finance Code, is amended to
  read as follows:
         Sec. 371.182.  HOLD PERIOD FOR ACQUIRED GOODS; WITHHOLDING
  OF PAYMENT.  (a)  Subject to Subsections (b) and (c), a [The
  commissioner may designate a reasonable hold period during which a]
  pawnbroker may not modify, sell, or otherwise dispose of an item of
  goods acquired [and offered for sale or other disposition] by the
  pawnbroker for a period of at least 20 days after the date the item
  of goods is acquired.
         (b)  A pawnbroker may modify, sell, or otherwise dispose of
  an item of goods acquired by the pawnbroker for a period of less
  than 20 days if the municipality in which the pawnshop is located
  has enacted an ordinance that specifies the hold period.
         (c)  A pawnbroker and a local law enforcement agency of the
  municipality in which the pawnshop is located may agree to
  establish a reduced hold period of seven days or less if:
               (1)  the ticket information for acquired goods is
  exchanged electronically;
               (2)  the agreement for a reduced hold period does not
  conflict with an ordinance of the municipality; and
               (3)  the agreement is submitted in writing to the
  commissioner by the chief local law enforcement officer of the
  municipality.
         (d)  A pawnbroker shall hold an item of goods for the
  applicable hold period required by this section at the pawnshop
  location at which the item of goods was acquired by the pawnbroker.
         (e)  A pawnbroker shall withhold payment from the seller for
  each item of goods acquired by the pawnbroker until the day the
  applicable hold period prescribed by this section ends.
         (f)  A pawnbroker shall hold in escrow for six months any
  money withheld under Subsection (e) that remains unclaimed by a
  seller after the date the hold period for the goods expires.  At the
  end of the six-month period, the money is presumed abandoned for the
  purposes of Title 6, Property Code.
         SECTION 2.  Section 371.182, Finance Code, as amended by
  this Act, applies only to a transaction involving the purchase of
  goods by a pawnbroker on or after the effective date of this Act.  A
  transaction involving the purchase of goods by a pawnbroker before
  the effective date of this Act is governed by the law in effect
  immediately before the effective date of this Act, and the former
  law is continued in effect for that purpose.
         SECTION 3.  This Act takes effect September 1, 2017.