The bill amends the existing law regulating pawnbrokers in Michigan, specifically focusing on the record-keeping requirements for transactions involving personal property. It mandates that pawnbrokers maintain a detailed record in English at the time of receiving any item for pawn, which must include a description of the item, a sequential transaction number, the amount loaned, and personal identification details of the individual from whom the item was received. The bill also stipulates that these records are subject to examination by local law enforcement and other relevant authorities.

Additionally, the bill introduces new requirements for the record of transaction form, which must now include a section for the pawner to indicate their race in accordance with the Michigan data collection act. The form must be in a specific size and format, ensuring that all necessary information is captured legibly. The bill also specifies that pawnbrokers must send a copy of the transaction record to the local police agency within 48 hours of receiving the property. Overall, these amendments aim to enhance the accountability and transparency of pawnbrokers' operations in Michigan.

Statutes affected:
Senate Introduced Bill: 446.205