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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
HOUSE BILL 1004 By: Olsen
AS INTRODUCED
An Act relating to professions and occupations;
amending 59 O.S. 2021, Section 1510 , which relates to
the Oklahoma Pawnshop Act; authori zing use of certain
processing fees; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, Section 1510, is
amended to read as follows:
Section 1510. A. Except as provided in subsection F of Section
1511 of this title, no pawnbroker may contract for, charge or
receive any amount as a charge in connection with a pawn transaction
other than a pawn finance charge, and no pawn finance charge
calculated according to the actuarial method shall exceed an amount
equal to twenty percent (20%) of the amount financed w hich does not
exceed Two Hundred Fifty Dollars ($250.00), financed for one (1)
month; fifteen percent (15%) of that amount financed which is more
than Two Hundred Fifty Dollars ($250.00) but does not exceed Five
Hundred Dollars ($500.00), financed for one (1) month; ten percen t
(10%) of that amount financed which is more than Five Hundred
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Dollars ($500.00) but does not exceed One Thousand Dollars
($1,000.00), financed for one (1) month; and five percent (5%) of
that amount financed which is more than One Thousand Dollars
($1,000.00), but does not exceed Five Thousand Dollars ($5,000 .00),
financed for one (1) month; three percent (3%) of that amount
financed which is more than Five Thousand Dollars ($5,000.00) but
does not exceed Twenty-five Thousand Dollars ($25,000 .00), financed
for one (1) month. P rovided, however, a minimum pawn finance charge
not to exceed One Dollar ($1.00) may be charged in lieu of the rates
stated herein without rega rd to the amount financed. In no case
shall the amount financed exceed Twent y-five Thousand Dollars
($25,000.00).
B. Refinancing of Pawn Transaction. The maturity date of any
pawn transaction may be changed to a subsequent date, one or more
times, by agreement between the customer and the p awnbroker,
evidenced by a writing as fo r a new transaction and all disclosu res
shall be made to the customer as in the case of a new pawn
transaction in accordance with Section 1501 et seq. of this title,
and in such case the pawnbroker may contract for an d receive a pawn
finance charge compute d in accordance with this section as for a new
transaction.
C. Limitation on Charges. Except as otherwise expressly
provided for in the Oklahoma Pawnshop Act, no pawnbroker may
contract for or receive any a mount as a charge in connection with a
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pawn transaction; provided, however, a pawnbroker may charge a debit
or credit card processing fee of four percent (4%), not to exceed
five dollars ($5.00).
D. Additional Pawn Finance Charges. Pledged goods not redeemed
by the customer on or before the date fixed as the maturity date for
the transaction in the pawn agreement or disclosure statement
delivered, shall be held by the pawnbroker for at least thirty (30)
days following such date, and may be redeemed by the customer within
such period by the payment of the originally agreed redemption price
and the payment of an additional pawn finance charge equal to one-
thirtieth (1/30) of the or iginal monthly pawn finance charge for
each day following the original maturity date including the day on
which the pledged goods are finally redeemed.
E. Refunds. The pawn finance charges authorized in this
section shall be deemed to be earned at the ti me the pawn
transaction is made and shall not be subject to refund, except as
otherwise provided for in s ubsection E of Section 1509 of this
title.
SECTION 2. This act shall become effective November 1, 2023.
COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND COMMERCE, dated
02/22/2023 - DO PASS.