04/09/2010 09:00 AM Senate FINANCE

SENATE BILL NO. 292                                                                                                           
                                                                                                                                
     "An Act  relating to the registration  and operation of                                                                    
     pawnbrokers and to the  exemption for pawnbrokers under                                                                    
     the  Alaska  Small  Loans Act;  and  providing  for  an                                                                    
     effective date."                                                                                                           
                                                                                                                                
10:27:26 AM                                                                                                                   
                                                                                                                                
JOSH TEMPEL,  STAFF, SENATOR HUGGINS  explained that  SB 292                                                                    
is  an act  relating to  the registration  and operation  of                                                                    
pawnbrokers  to the  exemptions  for  pawnbrokers under  the                                                                    
Alaska Small Loans  Act and to the  exclusion of pawnbrokers                                                                    
under  certain definitions  in the  uniform commercial  code                                                                    
and providing  for an effective  date. Currently,  in Alaska                                                                    
statute, only  a couple  of paragraphs  regulate pawnbrokers                                                                    
as the  power is  left to  the municipalities  and boroughs.                                                                    
Most cities  have not instituted any  regulations. This bill                                                                    
would   create   an   even  standard   across   Alaska   for                                                                    
pawnbrokers.                                                                                                                    
                                                                                                                                
10:34:55 AM                                                                                                                   
                                                                                                                                
Mr.  Tempel discussed  Section  6  and listing  definitions,                                                                    
while  Section  7 returns  to  Sections  1-4 which  separate                                                                    
pawnbrokers from  second hand stores. He  noted that Section                                                                    
8 allows  the department  to adopt regulations  to implement                                                                    
the legislation.  Section 9 involves state  licensing versus                                                                    
municipal  licensing.  Section  10  sets the  statute  as  a                                                                    
minimum  standard across  the state.  Section 11  allows the                                                                    
department   immediate  authority   to   begin  working   on                                                                    
regulations,  while  Section  12 establishes  the  effective                                                                    
date for the statute at July 1, 2011.                                                                                           
                                                                                                                                
Co-Chair  Stedman  introduced  one   fiscal  note  from  the                                                                    
Department of  Commerce, Community and  Economic Development                                                                    
for $38 thousand in receipt supported services.                                                                                 
                                                                                                                                
FERNANDO  PENA, GOVERNMENT  AFFAIRS  DIRECTOR, CASH  AMERICA                                                                    
(via   teleconference)   testified   in   support   of   the                                                                    
legislation.                                                                                                                    
                                                                                                                                
SB  292  was  HEARD  and   HELD  in  Committee  for  further                                                                    
consideration.