Bill Text: VA SB556 | 2012 | Regular Session | Chaptered

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Bill Title: Pawnbrokers; holding period for any pawn or pledge item is minimum of 30 days plus grace period.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-04-04 - Governor: Acts of Assembly Chapter text (CHAP0586) [SB556 Detail]

Download: Virginia-2012-SB556-Chaptered.html

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CHAPTER 586 An Act to amend and reenact § 54.1-4005 of the Code of Virginia, relating to pawnbrokers; holding period for purchases. [S 556] Approved April 4, 2012

 

Be it enacted by the General Assembly of Virginia:

1.  That § 54.1-4005 of the Code of Virginia is amended and reenacted as follows:

§ 54.1-4005. Sale of goods pawned.

No pawnbroker shall sell any pawn or pledge item until (i) it has been in his possession for the minimum term set forth in the memorandum, but not less than thirty 30 days, plus a grace period of fifteen 15 days and (ii) a statement of ownership is obtained from the pawner. If a motor vehicle is pawned, the owner of the motor vehicle shall comply with the requirements of § 46.2-637. In the event of default by the pawner, the pawnbroker must shall comply with the requirements of § 46.2-633. Otherwise, the pawnbroker must shall comply with the requirements of § 46.2-636 et seq. All sales of items pursuant to this section may be made by the pawnbroker in the ordinary course of his business.