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					                               Second Regular Session
                           Sixty-fourth General Assembly
                             STATE OF COLORADO
                                                                                ENGROSSED
                                                      This Version Includes All Amendments Adopted
                                                     on Second Reading in the House of Introduction
LLS NO. 04-0702.01 Thomas Morris                                       SENATE BILL 04-109
                              SENATE SPONSORSHIP
 Kester, and Takis

                               HOUSE SPONSORSHIP
 Stengel,




Senate Committees                                 House Committees
Business Affairs & Labor




                                       A BILL FOR AN ACT
101      CONCERNING THE REGULATION OF PAWNBROKERS.

                                             Bill Summary

               (Note: This summary applies to this bill as introduced and does
         not necessarily reflect any amendments that may be subsequently
         adopted.)

                Changes the period during which a pawnbroker's contract for
         purchase may be in effect from a maximum of 90 days to a minimum of
         30 days. Defines a "fixed price" to cancel a contract for purchase as
         one-fifth of the original purchase price per month plus the original
         purchase price. Changes the period of a "fixed time" from a maximum
         of 90 days to a minimum of 30 days. Prohibits local licensing authorities
         from enacting regulations that are more restrictive than the statute with
                                                                                                      Amended 2nd Reading




         regard to fixed price or fixed time. Allows pawnbrokers to keep customer
                                                                                                        January 26, 2004




         transaction information in an electronic record. Limits local law
                                                                                                            SENATE




             Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
                     Capital letters indicate new material to be added to existing statute.
                     Dashes through the words indicate deletions from existing statute.
     enforcement's use of this information to investigations related to the
     recovery of specific items of stolen personal property, and requires the
     information to be deemed confidential.


 1   Be it enacted by the General Assembly of the State of Colorado:
 2          SECTION 1. 12-56-101 (1), (2), and (3), Colorado Revised
 3   Statutes, are amended to read:
 4          12-56-101. Definitions. As used in this article, unless the context
 5   otherwise requires:
 6          (1) "Contract for purchase" means a contract entered into between
 7   a pawnbroker and a customer pursuant to which money is advanced to the
 8   customer by the pawnbroker on the delivery of tangible personal property
 9   by the customer on the condition that the customer, for a fixed price and
10   within a fixed period of time, not to exceed ninety TO BE NO LESS THAN
11   THIRTY     days, has the option to cancel said contract.
12          (2) "Fixed price" means the amount agreed upon to cancel a
13   contract for purchase during the option period. Said fixed price shall not
14   exceed:
15          (a) One-tenth of the original purchase price for each month, plus
16   the original purchase price, on amounts of fifty dollars or over; or
17          (b) One-fifth of the original purchase price for each month, plus
18   the original purchase price. on amounts under fifty dollars.
19          (3) "Fixed time" means that period of time, not to exceed ninety
20   TO BE NO LESS THAN THIRTY       days, as set forth in a contract for purchase,
21   for an option to cancel said contract.
22          SECTION 2. 12-56-102, Colorado Revised Statutes, is amended
23   to read:
24          12-56-102. Local authority to license and regulate. Local

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 1   licensing authorities may license pawnbrokers and require that
 2   pawnbrokers be bonded and insured and may enact regulations governing
 3   pawnbrokers, which regulations shall be at least as restrictive as the
4    provisions of this article;   EXCEPT THAT THE REGULATIONS SHALL BE NO

5    MORE RESTRICTIVE THAN THIS ARTICLE WITH RESPECT TO FIXED TIME AND

 6   FIXED PRICE.

 7          SECTION 3. 12-56-103 (1), (2), (3), (4), and (7), Colorado
 8   Revised Statutes, are amended to read:
 9          12-56-103. Required acts of pawnbrokers. (1) A pawnbroker
10   shall keep a numerical register     OR OTHER TANGIBLE OR ELECTRONIC

11   RECORD    in which he    THE PAWNBROKER           shall record the following
12   information: The name, address, and date of birth of the customer, and
13   his THE driver's license number or other identification number from any
14   other form of identification which         THAT   is allowed for the sale of
15   valuable articles pursuant to section 18-16-103, C.R.S., or for the sale of
16   secondhand property pursuant to section 18-13-114, C.R.S.; the date,
17   time, and place of the contract for purchase or purchase transaction; and
18   an accurate and detailed account and description of each item of tangible
19   personal property, including, but not limited to, any trademark,
20   identification number, serial number, model number, brand name, or
21   other identifying marks on such property. The pawnbroker shall also
22   obtain a written declaration of the customer's ownership, which shall state
23   that the tangible personal property is totally owned by the customer, or
24   shall have attached to such declaration a power of sale from the partial
25   owner to the customer, how long the customer has owned the property,
26   whether the customer or someone else found the property, and, if the
27   property was found, the details of the finding.


                                          -3-                                       109
 1          (2) The customer shall sign his name in such        THE   register   OR

 2   OTHER TANGIBLE OR ELECTRONIC RECORD            and on the declaration of
 3   ownership and   SHALL   receive a copy of the contract for purchase or a
 4   receipt of the purchase transaction.
 5          (3)   Such THE register    OR OTHER TANGIBLE OR ELECTRONIC

 6   RECORD, AS WELL AS A COPY OF THE CONTRACT FOR PURCHASE OR A

 7   RECEIPT OF THE PURCHASE TRANSACTION, shall be made available            to any
 8   local law enforcement agency for inspection at any reasonable time.
 9          (4) The pawnbroker shall keep each register OR OTHER TANGIBLE
10   OR ELECTRONIC RECORD      for at least three years after the date of the last
11   transaction entered in the register.
12          (7) (a) Every pawnbroker shall provide the local law enforcement
13   agency, on a weekly basis, with two records, on a form to be provided or
14   approved by the local law enforcement agency, of all tangible personal
15   property accepted during the preceding week and one copy of the
16   customer's declaration of ownership. The form shall contain the same
17   information required to be recorded in the pawnbroker's register            OR

18   OTHER TANGIBLE OR ELECTRONIC RECORD          pursuant to subsection (1) of
19   this section. The local law enforcement agency shall designate the day
20   of the week on which the records and declarations shall be submitted.
21          (b) A LOCAL LAW ENFORCEMENT AGENCY IS NOT REQUIRED TO USE
22   THE INFORMATION SUBMITTED PURSUANT TO PARAGRAPH                  (a)   OF THIS

23   SUBSECTION   (7) TO PROVIDE A BENEFIT TO THE       GENERAL PUBLIC.        THE
24   STATE AND LOCAL GOVERNMENTS MAY ENACT NO FURTHER FEES,

25   CHARGES, OR TAXES RELATED TO THE USE OF THE INFORMATION PROVIDED

26   TO LOCAL LAW ENFORCEMENT.

27


                                            -4-                                       109
 1          SECTION 4. Effective date - applicability. (1) This act shall
 2   take effect at 12:01 a.m. on the day following the expiration of the
 3   ninety-day period after final adjournment of the general assembly that is
 4   allowed for submitting a referendum petition pursuant to article V,
 5   section 1 (3) of the state constitution (August 4, 2004, if adjournment sine
 6   die is on May 5, 2004); except that, if a referendum petition is filed
 7   against this act or an item, section, or part of this act within such period,
 8   then the act, item, section, or part, if approved by the people, shall take
 9   effect on the date of the official declaration of the vote thereon by
10   proclamation of the governor.
11          (2)   The provisions of this act shall apply to pawnbroker
12   transactions occurring on or after the applicable effective date of this act.




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