This bill amends several sections of the Code of West Virginia related to pawnbrokers, specifically sections 47-26-1 through 47-26-4, and introduces a new section, 47-26-5. Key changes include a revised definition of "pawnbroker" to encompass those who purchase items made of precious metals or jewels for resale or alteration. The bill also mandates that pawnbrokers must retain property in its original condition for a minimum of five business days before making any alterations or disposals. Additionally, it requires pawnbrokers to include a photograph of the property in their transaction reports and increases the fines for violations from a range of $100-$200 to $200-$500.

Furthermore, the bill establishes stricter reporting requirements for pawnbrokers, including the necessity to maintain transaction records for three years and to provide these records to law enforcement upon request. It clarifies that pawnbrokers in municipalities with specific ordinances are not required to duplicate information for law enforcement unless requested. Overall, the bill aims to enhance regulatory oversight of pawnbrokers, improve transparency in transactions, and protect the integrity of property transactions.

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