Senate Bill No. 242-Committee on Commerce and Labor

March 27, 1997
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Referred to Committee on Commerce and Labor

SUMMARY--Makes various changes to provisions governing pawnbrokers, junk dealers and secondhand dealers. (BDR 54-1056)

FISCAL NOTE: Effect on Local Government: Yes.
Effect on the State or on Industrial Insurance: No.

EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.

AN ACT relating to businesses; making various changes to provisions governing pawnbrokers and secondhand dealers; providing that junk dealers and secondhand dealers must be licensed pawnbrokers under certain circumstances; providing a penalty; and providing other matters properly relating thereto.

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1 NRS 646.040 is hereby amended to read as follows:
646.040No property received in pledge by a pawnbroker may be removed from his place of business [,] at which the transaction occurred, except when redeemed by the owner thereof, within 30 days after the receipt thereof is reported to the sheriff or the chief of police as provided in this chapter.
Sec. 2 NRS 646.050 is hereby amended to read as follows:
646.050 1. A pawnbroker [may] shall charge and receive interest at the rate of [8] 10 percent a month for money loaned on the security of personal property actually received in pledge, and a person shall not ask or receive a higher rate of interest or discount on any such loan, or on any actual or pretended sale or redemption of personal property. For any loan made , a pawnbroker [may] shall make an initial charge of $5 in addition to interest at the authorized rate.
2. All personal property must be held for redemption for at least [120] 90 days after the date of pledge with any pawnbroker.
3. A pawnbroker shall give to the person securing the loan a printed receipt clearly showing the amount loaned and rate of interest, together with a description of the pledged property. The [reverse side of the] receipt must be marked in such a manner that the amounts of principal and interest paid by the person securing the loan can be clearly designated. Each payment must be entered upon the [reverse side of the] receipt , and each entry must designate how much of the payment is being credited to principal and how much to interest, with dates of payments shown thereon.
4. A pawnbroker shall [not charge more than] charge $3 per day for the storage of a motor vehicle which is collateral for a loan.
Sec. 3 Chapter 647 of NRS is hereby amended by adding thereto a new section to read as follows:
A junk dealer or secondhand dealer who, at any time within 60 days after purchasing property from a customer, enters into an agreement to allow the customer to buy back the property must be a licensed pawnbroker.
Sec. 4 NRS 647.130 is hereby amended to read as follows:
647.130No property which has a specific mark for identification or is otherwise individually identifiable and is bought by any secondhand dealer may be removed from his place of business at which the transaction occurred within:
1. Thirty days after the receipt thereof is reported or a record of the receipt of the property is furnished or mailed to the sheriff or the chief of police, if the place of business is located in a county whose population is 400,000 or more; or
2. Fifteen days after the receipt thereof is reported or a record of the receipt of the property is furnished or mailed to the sheriff or the chief of police, if the place of business is located in a county whose population is less than 400,000.
Sec. 5 The amendatory provisions of this act do not apply to offenses that are committed before October 1, 1997.
Sec. 6 The provisions of subsection 1 of NRS 354.599 do not apply to any additional expenses of a local government that are related to the provisions of this act.

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