Mike Eng
- Democratic
Author
Existing law regulates the sale and redemption of pledged property by pawnbrokers. Existing law authorizes a pawnbroker to charge or receive compensation at a rate not exceeding specified amounts based upon the unpaid principal balance of the loan, but at least $3 per month. Existing law also sets forth a schedule of charges applicable to these loans and authorizes a pawnbroker to impose a charge of $1 on any loan for not more than 30 days which does not exceed $14.99. Existing law requires loans made by pawnbrokers to be evidenced by a written contract. Existing law requires a loan to which an original loan debt is applied to be processed as a new loan. A knowing violation of the provisions regulating pawnbrokers is a crime. This bill would define the term "month" for purposes of these provisions to mean a period of time consisting of 30 consecutive calendar days and would make various conforming changes. The bill would prohibit a pawnbroker from charging or receiving compensation at a rate exceeding 2.5% per month on the unpaid principal balance of any loan and would specify that a pawnbroker may charge or receive compensation in an amount of $3 per month if those other charges or compensation based upon the unpaid principal balance of a loan would be less. The bill would authorize a pawnbroker to impose a charge of $1 on any loan for not more than 3 months which does not exceed $14.99. The bill would make other clarifying changes to these provisions. Because a knowing violation of these provisions by a pawnbroker would be a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Chaptered by Secretary of State - Chapter 318, Statutes of 2011.
Approved by the Governor.
Enrolled and presented to the Governor at 3:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 2721.).
Read third time. Passed. Ordered to the Assembly. (Ayes 33. Noes 0. Page 2079.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 31 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0.) (July 5). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on JUD. with recommendation: to consent calendar. (Ayes 6. Noes 0.) (June 29). Re-referred to Com. on JUD.
In committee: Hearing postponed by committee.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 70. Noes 0. Page 1356.)
Read second time. Ordered to consent calendar.
From committee: Do pass. To consent calendar. (Ayes 17. Noes 0.) (May 4).
From committee: Do pass and re-refer to Com. on APPR. with recommendation: to consent calendar. (Ayes 11. Noes 0.) (April 11). Re-referred to Com. on APPR.
From printer. May be heard in committee March 17.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB424 | HTML |
| 02/14/11 - Introduced | |
| 06/06/11 - Amended Senate | |
| 09/06/11 - Enrolled | |
| 09/26/11 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.