Bill Summary for S 144 (2011-2012)

Summary date: 

Feb 24 2011

Bill Information:

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

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Bill summary

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.

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