Legislature(2005 - 2006)BELTZ 211
04/20/2006 01:30 PM Senate LABOR & COMMERCE
| Audio | Topic |
|---|---|
| Start | |
| HB439 | |
| SB282 | |
| SB315 | |
| HB338 | |
| HB31 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | HB 31 | TELECONFERENCED | |
| + | HB 338 | TELECONFERENCED | |
| *+ | SB 315 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| += | HB 439 | TELECONFERENCED | |
| += | SB 282 | TELECONFERENCED | |
SB 315-DISPOSITION OF UNREDEEMED PROPERTY
CHAIR CON BUNDE announced SB 315 to be up for consideration.
ANNETTE SKIBINSKI, staff to Senator Cowdery, explained that SB
315 has to do with property that is left at a pawn shop
unclaimed past the unredeemed property deadline. Currently,
there is a pawn loan limit of $500, which was set 13 years ago.
This bill does not seek to change that limit, but it brings the
disparity in the ratio between pawn loan limits and unredeemed
property back to what it was originally, twice the pawn loan
limit. The loan limit was changed, but the unredeemed property
limit was not. SB 315 would raise the ratio to twice the loan
limit and has an immediate effective date.
CHAIR BUNDE asked if under current law a person who had a loan
for $100 could get an additional loan for up to $400.
MS. SKIBINSKI replied if someone brought a ring worth $1,200 to
a pawnshop, the shop could loan up to $500 on it. If after 60
days, the property has not been claimed or payments made, the
pawnshop has a right to sell the ring. Currently, any profit the
shop makes over $400 has to be split with the person who brought
the ring in and didn't claim it. She said the shop would have to
sell the ring for at least $600 just to get its $500 back. SB
315 changes the ratio back to twice the loan limit - what it was
when the pawn limit was $200.
CHAIR BUNDE clarified the bill wasn't changing the notion that
unredeemed property could be sold, but just changing the
existing law as to the amount that could be charged for the
unredeemed property.
MS. SKIBINSKI responded no; that it changes the amount that is
split with the person who pawned the property when he didn't
claim it. She said the current law says the pawnshop has to
split proceeds 50/50 with the person who brought the property in
that sold for over $400.
CHAIR BUNDE asked if the ring were sold for $1,200, would the
$200 in excess of $1,000 get split.
MS. SKIBINSKI replied that was correct.
1:42:35 PM
ED SNIFFEN, Assistant Attorney General, Department of Law (DOL),
didn't have a problem with the bill, but suggested inserting a
notification provision that alerts consumers that this is a
consequence of failure to comply with the terms of the loan.
CHAIR BUNDE asked him to fax language to him and held the bill.
SB 315-DISPOSITION OF UNREDEEMED PROPERTY
CHAIR BUNDE announced SB 315 to be back up for consideration.
ANNETTE SKIBINSKI, staff to Senator Cowdery, said the sponsor
was okay with conceptual Amendment 1 that Mr. Sniffen suggested
regarding notification to consumers of the consequences of
failing to comply with the terms of the loan.
CHAIR BUNDE asked if there were any objections to Amendment 1.
There were none; so Amendment 1 was adopted.
2:22:59 PM
SENATOR SEEKINS moved to pass CSSB 315(L&C) from committee with
individual recommendations and attached fiscal note. Senators
Davis, Ben Stevens, Seekins and Chair Bunde voted yea; and CSSB
315(L&C) moved from committee.
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