Bill Text: IL HB3891 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB3891 Detail]

Download: Illinois-2011-HB3891-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB3891 Introduced , 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.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Pawnbroker Regulation Act is amended by
changing Section 10 and by adding Sections 1.2 and 9.5 as
follows:
(205 ILCS 510/1.2 new)
Sec. 1.2. Definitions. For the purposes of this Act:
"Precious metal" means any gold, silver, platinum, or
other valuable metal or a combination of valuable metals.
"Precious gem" means any diamond, pearl, emerald,
ruby, sapphire, or similar precious stone.
(205 ILCS 510/9.5 new)
Sec. 9.5. Precious metals and gems.
(a) Except as provided in subsection (c) of this Section, 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
described in subsection (b) of this Section.
(b) A pawnbroker who acquires a precious metal object or

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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
under Section 7 of this Act.
(c) During the holding period, a pawnbroker may chemically
test a precious metal object or precious gem to determine its
metal content or value if the pawnbroker does not alter the
precious metal object or precious gem so as to affect its
identification or value.
(205 ILCS 510/10) (from Ch. 17, par. 4660)
Sec. 10. Sale of property. No personal property received on
deposit or pledge or purchased by any pawnbroker shall be sold
or permitted to be redeemed or removed from the place of
business of such pawnbroker for the space of 48 hours, except
for property containing precious metals or precious gems, or
both, which shall be held for 30 days, after the delivery of
the copy and statement required by Section 7 of this Act
required to be delivered to the officer or officers named
therein. If the pawner or pledger fails to repay the loan
during the period specified on the pawn ticket, the pawnbroker
shall automatically extend a grace period of 30 days from the
default date on the loan during which the pawnbroker shall not
dispose of or sell the personal property pledged. The parties
may agree to extend or renew a loan upon terms agreed upon by
the parties, provided the terms comply with the requirements of

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