97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3891

 

Introduced 11/29/2011, by Rep. Patricia R. Bellock

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 510/1.2 new
205 ILCS 510/9.5 new
205 ILCS 510/10  from Ch. 17, par. 4660

    Amends the Pawnbroker Regulation Act. Creates a provision that a pawnbroker shall not deface, scratch, obliterate, melt, separate, or break into parts, or otherwise in any manner do, cause, or suffer to be done by others, anything that shall destroy or tend to destroy the identity or value of any precious metal or precious gem during the holding period. Provides that a pawnbroker who acquires a precious metal object or precious gem shall keep it in the county where the pawnbroker holds a license from the time of the acquisition until at least 30 days after submitting a copy of a record of its acquisition. Extends the holding period for property containing precious metals or precious gems, or both, for 30 days. Creates a provision for definitions.


LRB097 14831 CEL 59860 b

 

 

A BILL FOR

 

HB3891LRB097 14831 CEL 59860 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Pawnbroker Regulation Act is amended by
5changing Section 10 and by adding Sections 1.2 and 9.5 as
6follows:
 
7    (205 ILCS 510/1.2 new)
8    Sec. 1.2. Definitions. For the purposes of this Act:
9        "Precious metal" means any gold, silver, platinum, or
10    other valuable metal or a combination of valuable metals.
11        "Precious gem" means any diamond, pearl, emerald,
12    ruby, sapphire, or similar precious stone.
 
13    (205 ILCS 510/9.5 new)
14    Sec. 9.5. Precious metals and gems.
15    (a) Except as provided in subsection (c) of this Section, a
16pawnbroker shall not deface, scratch, obliterate, melt,
17separate, or break into parts, or otherwise in any manner do,
18cause, or suffer to be done by others, anything that shall
19destroy or tend to destroy the identity or value of any
20precious metal or precious gem during the holding period
21described in subsection (b) of this Section.
22    (b) A pawnbroker who acquires a precious metal object or

 

 

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1precious gem shall keep it in the county where the pawnbroker
2holds a license from the time of the acquisition until at least
330 days after submitting a copy of a record of its acquisition
4under Section 7 of this Act.
5    (c) During the holding period, a pawnbroker may chemically
6test a precious metal object or precious gem to determine its
7metal content or value if the pawnbroker does not alter the
8precious metal object or precious gem so as to affect its
9identification or value.
 
10    (205 ILCS 510/10)  (from Ch. 17, par. 4660)
11    Sec. 10. Sale of property. No personal property received on
12deposit or pledge or purchased by any pawnbroker shall be sold
13or permitted to be redeemed or removed from the place of
14business of such pawnbroker for the space of 48 hours, except
15for property containing precious metals or precious gems, or
16both, which shall be held for 30 days, after the delivery of
17the copy and statement required by Section 7 of this Act
18required to be delivered to the officer or officers named
19therein. If the pawner or pledger fails to repay the loan
20during the period specified on the pawn ticket, the pawnbroker
21shall automatically extend a grace period of 30 days from the
22default date on the loan during which the pawnbroker shall not
23dispose of or sell the personal property pledged. The parties
24may agree to extend or renew a loan upon terms agreed upon by
25the parties, provided the terms comply with the requirements of

 

 

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1this Act.
2(Source: P.A. 90-477, eff. 7-1-98.)