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A BILL TO BE ENTITLED
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AN ACT
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relating to the hold period for the disposition of and payment for |
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items of goods acquired by pawnbrokers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 371.182, Finance Code, is amended to |
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read as follows: |
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Sec. 371.182. HOLD PERIOD FOR ACQUIRED GOODS; WITHHOLDING |
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OF PAYMENT. (a) Subject to Subsections (b) and (c), a [The
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commissioner may designate a reasonable hold period during which a] |
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pawnbroker may not modify, sell, or otherwise dispose of an item of |
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goods acquired [and offered for sale or other disposition] by the |
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pawnbroker for a period of at least 20 days after the date the item |
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of goods is acquired. |
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(b) A pawnbroker may modify, sell, or otherwise dispose of |
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an item of goods acquired by the pawnbroker for a period of less |
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than 20 days if the municipality in which the pawnshop is located |
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has enacted an ordinance that specifies the hold period. |
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(c) A pawnbroker and a local law enforcement agency of the |
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municipality in which the pawnshop is located may agree to |
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establish a reduced hold period of seven days or less if: |
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(1) the ticket information for acquired goods is |
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exchanged electronically; |
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(2) the agreement for a reduced hold period does not |
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conflict with an ordinance of the municipality; and |
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(3) the agreement is submitted in writing to the |
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commissioner by the chief local law enforcement officer of the |
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municipality. |
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(d) A pawnbroker shall hold an item of goods for the |
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applicable hold period required by this section at the pawnshop |
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location at which the item of goods was acquired by the pawnbroker. |
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(e) A pawnbroker shall withhold payment from the seller for |
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each item of goods acquired by the pawnbroker until the day the |
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applicable hold period prescribed by this section ends. |
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(f) A pawnbroker shall hold in escrow for six months any |
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money withheld under Subsection (e) that remains unclaimed by a |
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seller after the date the hold period for the goods expires. At the |
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end of the six-month period, the money is presumed abandoned for the |
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purposes of Title 6, Property Code. |
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SECTION 2. Section 371.182, Finance Code, as amended by |
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this Act, applies only to a transaction involving the purchase of |
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goods by a pawnbroker on or after the effective date of this Act. A |
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transaction involving the purchase of goods by a pawnbroker before |
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the effective date of this Act is governed by the law in effect |
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immediately before the effective date of this Act, and the former |
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law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2017. |