HB5840: PREDATORY LOANS-PAWNBROKERS

Legislative Summary

Amends the Pawnbroker Regulation Act. Clarifies that it shall be unlawful for any pawnbroker to charge or collect a greater benefit or percentage upon money advanced, and for the use and forbearance thereof, than permitted under the Predatory Loan Prevention Act. Amends the Predatory Loan Prevention Act. Provides that the definition of "loan" includes transactions subject to the Pawnbroker Regulation Act. Provides that it is a violation of the Act for any person or entity to solicit, broker, or otherwise engage in any other activity intended to facilitate or result in, or that in fact facilitates or results in, the origination of a loan that violates the Act. Provides that it is a violation of the Act for any person or entity to advertise or cause to be advertised a loan that violates the Act. Provides that a violation of the Act by a person or entity licensed under the Pawnbroker Regulation Act shall subject the person or entity to discipline in accordance with that Act. Makes other changes. Effective June 1, 2023.