Oklahoma 2023 Regular Session

Oklahoma House Bill HB1004 Compare Versions

Version 1 (Old)

Version 2 (New)

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29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
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31	28		STATE OF OKLAHOMA
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33	30		1st Session of the 59th Legislature (2023)
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35	32		HOUSE BILL 1004 By: Olsen
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39	38		AS INTRODUCED
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41	40		An Act relating to professions and occupations;
42	41		amending 59 O.S. 2021, Section 1510 , which relates to
43	42		the Oklahoma Pawnshop Act; authori zing use of certain
44	43		processing fees; and providing an effective date.
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49	48		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
50	49		SECTION 1. AMENDATORY 59 O.S. 2021, Section 1510, is
51	50		amended to read as follows:
52	51		Section 1510. A. Except as provided in subsection F of Section
53	52		1511 of this title, no pawnbroker may contract for, charge or
54	53		receive any amount as a charge in connection with a pawn transaction
55	54		other than a pawn finance charge, and no pawn finance charge
56	55		calculated according to the actuarial method shall exceed an amount
57	56		equal to twenty percent (20%) of the amount financed w hich does not
58	57		exceed Two Hundred Fifty Dollars ($250.00), financed for one (1)
59	58		month; fifteen percent (15%) of that amount financed which is more
60	59		than Two Hundred Fifty Dollars ($250.00) but does not exceed Five
61	60		Hundred Dollars ($500.00), financed for one (1) month; ten percen t
62	61		(10%) of that amount financed which is more than Five Hundred
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64		-	HB1004 HFLR Page 2
65		-	BOLD FACE denotes Committee Amendments. 1
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90	88		Dollars ($500.00) but does not exceed One Thousand Dollars
91	89		($1,000.00), financed for one (1) month; and five percent (5%) of
92	90		that amount financed which is more than One Thousand Dollars
93	91		($1,000.00), but does not exceed Five Thousand Dollars ($5,000 .00),
94	92		financed for one (1) month; three percent (3%) of that amount
95	93		financed which is more than Five Thousand Dollars ($5,000.00) but
96	94		does not exceed Twenty-five Thousand Dollars ($25,000 .00), financed
97	95		for one (1) month. P rovided, however, a minimum pawn finance charge
98	96		not to exceed One Dollar ($1.00) may be charged in lieu of the rates
99	97		stated herein without rega rd to the amount financed. In no case
100	98		shall the amount financed exceed Twent y-five Thousand Dollars
101	99		($25,000.00).
102	100		B. Refinancing of Pawn Transaction. The maturity date of any
103	101		pawn transaction may be changed to a subsequent date, one or more
104	102		times, by agreement between the customer and the p awnbroker,
105	103		evidenced by a writing as fo r a new transaction and all disclosu res
106	104		shall be made to the customer as in the case of a new pawn
107	105		transaction in accordance with Section 1501 et seq. of this title,
108	106		and in such case the pawnbroker may contract for an d receive a pawn
109	107		finance charge compute d in accordance with this section as for a new
110	108		transaction.
111	109		C. Limitation on Charges. Except as otherwise expressly
112	110		provided for in the Oklahoma Pawnshop Act, no pawnbroker may
113	111		contract for or receive any a mount as a charge in connection with a
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115		-	HB1004 HFLR Page 3
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141	138		pawn transaction; provided, however, a pawnbroker may charge a debit
142	139		or credit card processing fee of four percent (4%) , not to exceed
143	140		five dollars ($5.00).
144	141		D. Additional Pawn Finance Charges. Pledged goods not redeemed
145	142		by the customer on or before the date fixed as the maturity date for
146	143		the transaction in the pawn agreement or disclosure statement
147	144		delivered, shall be held by the pawnbroker for at least thirty (30)
148	145		days following such date, and may be redeemed by the customer within
149	146		such period by the payment of the originally agreed redemption price
150	147		and the payment of an additional pawn finance charge equal to one-
151	148		thirtieth (1/30) of the or iginal monthly pawn finance charge for
152	149		each day following the original maturity date including the day on
153	150		which the pledged goods are finally redeemed.
154	151		E. Refunds. The pawn finance charges authorized in this
155	152		section shall be deemed to be earned at the ti me the pawn
156	153		transaction is made and shall not be subject to refund, except as
157	154		otherwise provided for in s ubsection E of Section 1509 of this
158	155		title.
159	156		SECTION 2. This act shall become effective November 1, 2023.
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161		-	COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND COMMERCE, dated
162		-	02/22/2023 - DO PASS.
	158	+	59-1-5003 LRB 06/21/22