Bill Summary for S 144 (2011-2012)

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Summary date: 

Apr 28 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

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.