Bills

SB 1198: Pawnbrokers: fees and charges.

  • Session Year: 2023-2024
  • House: Senate

Current Status:

Passed

(2024-08-19: Chaptered by Secretary of State. Chapter 185, Statutes of 2024.)

Introduced

First Committee Review

First Chamber

Second Committee Review

Second Chamber

Enacted

Version:

Existing law regulates the activities of pawnbrokers and makes a violation of these provisions a misdemeanor, as specified. Existing law authorizes the district attorney or the Attorney General, in the name of the people of the State of California, to bring an action to enjoin the violation or the threatened violation of a regulation made pertaining to certain provisions regulating pawnbrokers. Existing law authorizes a pawnbroker to collect a handling and storage charge for pawned articles at the time property is redeemed or a replacement loan is issued. Existing law establishes the maximum amount that may be charged based on the size of pawned articles, as specified.

This bill would additionally authorize a pawnbroker to collect a security charge and would increase the permitted handling, storage, and security charges depending on the size of the pawned articles, as specified. The bill would authorize a pawnbroker, in addition to other allowed charges, to collect a remote transaction fee, as specified.

Existing law permits a pawnbroker to charge a fee in the amount of up to $5 for services and costs pertaining to preparation of a 10-day notice when a pledged item is not redeemed during the loan period.

This bill would expand the services and costs for which the above-described noticing fee may be charged to include the mailing or electronic transmission of the notice, and would increase the maximum amount of the fee to $7.

Discussed in Hearing

Assembly Standing Committee on Banking and Finance3MIN
Jun 17, 2024

Assembly Standing Committee on Banking and Finance

Senate Standing Committee on Banking and Financial Institutions6MIN
Apr 3, 2024

Senate Standing Committee on Banking and Financial Institutions

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Bill Author

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