MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Business and Financial Institutions

By: Senator(s) Simmons

AN ACT TO AMEND SECTION 75-67-309, MISSISSIPPI CODE OF 1972, TO REQUIRE THAT A PLEDGOR OR SELLER OF GOODS TO A PAWNBROKER GIVE PROOF OF OWNERSHIP OF SUCH GOODS; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 75-67-309, Mississippi Code of 1972, is amended as follows:

75-67-309. (1) The pledgor or seller shall, in a manner prescribed by the commissioner, give proof that he is the rightful owner of the goods or that the person on whose behalf he is acting is the rightful owner; sign a statement verifying that the pledgor or seller is the rightful owner of the goods or is entitled to sell or pledge the goods; and shall receive an exact copy of the pawn ticket which shall be signed or initialed by the pawnbroker or any employee of the pawnbroker.

(2) The pawnbroker shall maintain a record of all transactions of pledged or purchased goods on the premises. A pawnbroker shall upon request provide to the appropriate law enforcement agency a complete record of all transactions. These records shall be a correct copy of the entries made of the pawn or purchase transaction, except as to the amount of cash advanced or paid for the goods and monthly pawnshop charge.

(3) All goods purchased across the counter by the pawnbroker shall be maintained on the premises by the pawnbroker for at least twenty-one (21) calendar days before such goods can be offered for resale.

SECTION 2. This act shall take effect and be in force from and after July 1, 1997.