Stricken language would be deleted from and underlined language would be added to present law.
1 State of Arkansas As Engrossed: S3/22/21 S4/19/21
2 93rd General Assembly A Bill
3 Regular Session, 2021 SENATE BILL 529
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5 By: Senator A. Clark
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7 For An Act To Be Entitled
8 AN ACT CONCERNING THE RETURN OF STOLEN PROPERTY IN
9 THE POSSESSION OF A PAWNBROKER TO THE RIGHTFUL OWNER;
10 AND FOR OTHER PURPOSES.
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13 Subtitle
14 CONCERNING THE RETURN OF STOLEN PROPERTY
15 IN THE POSSESSION OF A PAWNBROKER TO THE
16 RIGHTFUL OWNER.
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19 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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21 SECTION 1. Arkansas Code 18-27-302(1), concerning the definition of
22 "dealer" as it pertains to the Dealer in Secondhand Goods Reform and
23 Disclosure Act, is amended to read as follows:
24 (1)(A) Dealer means an individual or entity that is engaged in
25 the business of:
26 (A)(i) Lending money upon the security of an article
27 of personal property that is retained by the individual or entity until:
28 (i)(a) The loan is repaid; or
29 (ii)(b) The time to repay the loan has
30 expired; or
31 (B)(ii) Purchasing other than at wholesale or retail
32 an article of personal property for resale in any form.
33 (B) "Dealer" includes a pawnbroker:
34 (i) Who is licensed by the Pawnbroker Licensure
35 Commission under the Arkansas Pawnbroker Act, 17-56-101 et seq.; or
36 (ii) As defined under 18-27-204;
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 As Engrossed: S3/22/21 S4/19/21 SB529
1
2 SECTION 2. Arkansas Code 18-27-302, concerning definitions as they
3 pertain to the Dealer in Secondhand Goods Reform and Disclosure Act, is
4 amended to add additional subdivisions to read as follows:
5 (5) "Fair market value" means the price a willing buyer would
6 pay a willing seller after considering all factors in the marketplace that
7 influence the price of property; and
8 (6) "Full restitution" means the higher of the following:
9 (A) The fair market value of the identifiable stolen
10 property; or
11 (B) The amount for which the identifiable stolen property
12 was sold.
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14 SECTION 3. Arkansas Code 18-27-303 is amended to read as follows:
15 18-27-303. Recovery of personal property and identifiable stolen
16 personal property Liability.
17 (a)(1) An owner of stolen personal property may request that a dealer
18 return the stolen property without charge to the owner or provide full
19 restitution by signing and following the terms of the affidavit in favor of
20 the dealer as described in 18-27-304(b).
21 (2)(A) An affidavit described under 18-27-304(b) shall be
22 filed with the local law enforcement agency having jurisdiction along with
23 reporting to the law enforcement agency and filing any required documents
24 proving that the owner has located his or her stolen property in the
25 possession of the dealer.
26 (B) The report to law enforcement described under
27 subdivision (a)(2)(A) of this section is not a presumption that the dealer
28 received the stolen property in an unlawful manner.
29 (3) An owner who knowingly files a false affidavit or false
30 police report is subject to prosecution.
31 (b) Unless reasonable cause exists, within seven (7) days after the
32 later of the receipt of an affidavit described in 18-27-304(b) and the
33 written release, either conditional or outright, of any property hold issued
34 by any law enforcement agency with respect to the identifiable stolen
35 property, a dealer shall:
36 (1) Deliver the identifiable stolen property to the owner or, if
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 As Engrossed: S3/22/21 S4/19/21 SB529
1 the identifiable stolen property was sold to a third party before the dealer
2 received the affidavit described in 18-27-304(b) and the written release,
3 pay the owner of the stolen personal property full restitution; or
4 (2) File a legal action in a court of competent jurisdiction to
5 determine ownership.
6 (c) If the dealer refuses to make an election under subsection (b) of
7 this section, the owner may file a replevin action to recover the property
8 and the court may award and apportion costs and attorney's fees as
9 appropriate under the facts of the case.
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12 /s/A. Clark
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Statutes affected:
Old version SB529 Original - 3-11-2021 01:56 PM: 18-27-302(1)
Old version SB529 V2 - 3-22-2021 09:33 AM: 18-27-302(1)
Old version SB529 V3 - 4-19-2021 01:45 PM: 18-27-302(1)
SB 529: 18-27-302(1)