HOUSE BILL 588

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

William "Bill" R. Rehm

AN ACT

RELATING TO PAWNBROKERS; REQUIRING THAT PAWNBROKERS INCLUDE NEW ITEMS AND ITEMS PURCHASED FOR RESALE IN THEIR DAILY REPORTS; CLARIFYING DEFINITIONS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 56-12-1 NMSA 1978 (being Laws 1985, Chapter 228, Section 1) is amended to read:

     "56-12-1. SHORT TITLE.--[This act] Chapter 56, Article 12 NMSA 1978 may be cited as the "Pawnbrokers Act"."

     SECTION 2. Section 56-12-2 NMSA 1978 (being Laws 1985, Chapter 228, Section 2) is amended to read:

     "56-12-2. DEFINITIONS.--As used in the Pawnbrokers Act:

          A. "pawnbroker" means a person engaged in the business of making pawn transactions;

          B. "pawn service charge" means the sum of all charges payable directly or indirectly by the pledgor and imposed directly or indirectly by the pawnbroker as an incident to the pawn transaction;

          C. "pawnshop" means the location or premises at which a pawnbroker regularly conducts [his] business;

          D. "pawn transaction" means [either the act] a transaction between a pawnbroker and a person [pledging a good of lending] by which the pawnbroker:

                (1) lends money or [extending] extends credit on the security of pledged goods [or of purchasing]; or

                (2) purchases tangible personal property with an express or implied agreement or understanding that it may be redeemed or repurchased by the seller at a stipulated price;

          E. "person" means an individual, partnership, corporation, joint venture, trust, association or any other legal entity however organized;

          F. "pledged goods" means tangible personal property other than choses in action, securities or printed evidences of indebtedness, which property is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of [his] the pawnbroker's business in connection with the pawn transaction;

          G. "local law enforcement agency" means the chief of police, [his] the chief's designee or the police department if applicable to a municipality; or the county sheriff, [his] the sheriff's designee or the county sheriff's department if applicable to a county; and

          H. "local government" means a municipality or county."

     SECTION 3. Section 56-12-9 NMSA 1978 (being Laws 1985, Chapter 228, Section 9) is amended to read:

     "56-12-9. PAWNBROKER REPORTS--RECORDS--DELIVERY--VIOLATIONS.--

          A. Every pawnbroker shall each day accurately complete a report of all new and used property of every kind received or purchased in a pawn transaction or purchased for resale during the preceding business day on a form approved by the local law enforcement agency. Either a driver's license or other photo identification card shall be required of each person entering into a pawn transaction with a pawnbroker. Each item received shall be listed on a separate report form. [Said] The report shall include the following:

                (1) name of the item;

                (2) description of the item, including make and model number, if any;

                (3) serial number and other identifying marks, if any;

                (4) date, time and type of pawn transaction;

                (5) name and address of person offering the item;

                (6) description of the person offering the item, including sex, complexion, hair color, approximate height and weight and date of birth; and

                (7) type of identification used by the person offering the item and identifying number of [said] the identification. If the person presents a driver's license, the report shall also indicate the state of issuance.

          B. All reports required by this section shall be completed accurately and be made available by 12 o'clock noon of the day following the day of the pawn transaction and shall be delivered or mailed to the local law enforcement agency within three days of the pawn transaction.

          C. Property purchased directly from another permit holder regulated by the Pawnbrokers Act who has already reported the item pursuant to this section is exempt from the requirements of this section.

          D. Persistent or frequent erroneous or incomplete entries in or delays in the submitting of the [above required] reports required by this section shall constitute a violation of this section and are subject to the general penalty provisions of the Pawnbrokers Act.

          E. The reports and records of the permit holder required pursuant to this section, as well as every item received in pawn, shall be available for inspection by the local government authority, the attorney general, the local law enforcement agency or any sworn member of that law enforcement agency at all reasonable times.

          F. Each item pledged to or purchased by the permit holder for which a report is required shall have attached to it a tag with an alphabetic or numerical identification system matching that item with its corresponding report and record."

     SECTION 4. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2015.

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