Mississippi House Bill HB389

Mississippi 2025 Regular Session

• Introduced: 1/10/25
• Refer: 1/10/25
• Failed: 2/4/25

Caption

Pawnbrokers; remove the requirement of on-premises retention of purchased goods.

Impact

If enacted, HB 389 would significantly modify the legal landscape for pawnbrokers in Mississippi by easing the operational constraints concerning the storage of purchased items. Currently, pawnbrokers must maintain these goods for specific durations—either fourteen or twenty-one days depending on their electronic reporting capabilities. The amendment would facilitate a shift toward electronic record-keeping and may enhance operational efficiency by allowing goods to be stored securely off-site, which could potentially reduce overhead costs for pawn businesses.

Summary

House Bill 389 proposes an amendment to Section 75-67-309 of the Mississippi Code, specifically targeting the requirements around the retention of purchased goods by pawnbrokers. The bill seeks to remove the existing mandate that requires pawnbrokers to retain purchased goods on their premises. Instead, it allows for the possibility of off-premises storage under regulations that could be established by the commissioner. This change aims to offer pawnbrokers more flexibility in the management and storage of items they acquire.

Contention

While the bill aims to streamline operations for pawnbrokers, it may raise concerns regarding the oversight and accountability of pawnbrokers in the handling of purchased goods. Law enforcement agencies rely on accessible records of transactions to prevent theft and ensure proper business practices. As such, the removal of on-premises retention may provoke debates about the sufficiency of accountability measures that would be in place to track off-premises goods, emphasizing the need for a delicate balance between business flexibility and public safety.