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.