CASH CONVERTERS MUST KEEP PURCHASE RECORDS.

View NCGA Bill Details2011-2012 Session
Senate Bill 144 (Public) Filed Thursday, February 24, 2011
TO REQUIRE CASH CONVERTER BUSINESSES TO KEEP RECORDS OF PURCHASES AND TO MAKE THOSE RECORDS AVAILABLE TO LOCAL LAW ENFORCEMENT AGENCIES.
Intro. by Meredith

Status: Ch. SL 2011-325 (Senate Action) (Jun 27 2011)
S 144/S.L. 2011-325

Bill Summaries:

  • Summary date: Jun 30 2011 - More information

    AN ACT TO REQUIRE CASH CONVERTER BUSINESSES TO KEEP RECORDS OF PURCHASES AND TO MAKE THOSE RECORDS AVAILABLE TO LOCAL LAW ENFORCEMENT AGENCIES, AND TO EXEMPT CERTAIN LICENSED CHECK CASHERS FROM THE REPORTING REQUIREMENTS OF THE CHECK-CASHING BUSINESSES ACT. Summarized in Daily Bulletin 2/24/11, 4/28/11, 6/15/11, and 6/16/11. Enacted June 27, 2011. Effective December 1, 2011.


  • Summary date: Jun 16 2011 - More information

    House amendment makes the following changes to 3rd edition.
    Amends GS 91A-10(a)(6) and (b) to forbid a pawnbroker or a cash converter from purchasing from any person any property which is known to the pawnbroker or cash converter to be stolen, unless there is a written agreement with local or state law enforcement (was, local or state police).


  • Summary date: Jun 15 2011 - More information

    House committee substitute makes the following changes to 2nd edition. Amends GS 53-282(a) to include additional language providing that a person required to be licensed under the Article, concerning check cashing businesses, that derives less than 20% of the person’s annual gross revenues from check cashing is not required to maintain separate accounts and records. Makes other technical changes. Makes conforming change to bill title.


  • Summary date: Apr 28 2011 - More information

    Senate committee substitute makes the following changes to 1st edition. Rewrites GS 91A-3 to add cash as a new definition, delete cash converter store as a definition, and redefine cash converter as persons engaged in the business of purchasing goods from the public for cash at a permanently located retail store who hold themselves out to the public as being engaged in such business. Specifically exempts from the definition of cash converter the following: (1) pawnbrokers; (2) persons who purchase goods directly from manufacturers or wholesalers; (3) precious metal dealers to the extent their transactions are regulated under Article 25 of GS Chapter 66; (4) purchases by persons primarily in the business of obtaining used clothing, children’s products, and children’s furniture from the public for less than $50 per item; and (5) purchases by persons primarily in the business of obtaining sporting goods and sporting equipment from the public for less than $50 per item. Adds a purpose to the list in GS 91A-2. Makes the act effective December 1, 2011 (was, October 1, 2011).
    Amends GS 91A-10 to create a new subsection (b), which forbids a cash converter from purchasing from any person any property which is known to the cash converter to be stolen, unless there is a written agreement with local or state police. Makes a violation of this provision punishable under the applicable North Carolina criminal statutes.
    Makes other technical changes.


  • Summary date: Feb 24 2011 - More information

    Expands the Pawnbrokers Modernization Act of 1989 to also include cash converters, renaming GS Chapter 91A the Pawnbrokers and Cash Converters Modernization Act. Amends GS 91A-3 to define cash converter as a person engaged in the business of purchasing merchandise from the public at a permanently located retail store who presents to the public by signs, advertising, or other methods as such; the term does not include pawnbrokers or persons who purchase directly from manufacturers or wholesalers for their inventories. Defines cash converter store and makes other technical changes.
    Enacts new GS 91A-7.1 to set forth record keeping requirements for cash converters. Requires every cash converter to keep consecutively numbered records of each purchase, including the listed information. Provides additional recording and reporting procedures, requires that the reports be available for inspection by local law enforcement, and exempts purchases directly from a manufacturer or wholesaler from the provision’s application.

    Makes additional conforming changes and makes a conforming change to GS 25-9-201(b) (concerning security agreements).
    Effective October 1, 2011, and applies to purchases by cash converters on or after that date.


Printer-friendly: Click to view