This bill amends several sections of the Code of West Virginia related to pawnbrokers, introducing new definitions and requirements aimed at enhancing regulatory oversight. It expands the definition of a "pawnbroker" to include entities that purchase items made of precious metals or jewels for the purpose of altering or reselling them. Additionally, it mandates that pawnbrokers maintain detailed transaction records, including a photograph of the seller or pledger, and a comprehensive description of the property involved in the transaction. The bill also stipulates that pawnbrokers must retain property in its original condition for a minimum of five business days before making any alterations or disposals.

Furthermore, the bill increases the fines for violations of pawnbroker regulations from a minimum of $100 to $200, and from a maximum of $200 to $500. It clarifies that pawnbrokers in jurisdictions with local ordinances establishing reporting requirements to law enforcement are not required to provide duplicate information unless specifically requested. The new section added to the code emphasizes the importance of retaining property in its original condition for a specified period, thereby enhancing the accountability of pawnbrokers and ensuring better compliance with law enforcement requests.

Statutes affected:
Introduced Version: 47-26-1, 47-26-2, 47-26-3, 47-26-4, 47-26-5