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        February 24, 2004

Mr. President:

    The Revenue and Taxation Committee reports a favorable recommendation on S.B. 192, LOAN TRANSACTIONS AMENDMENTS, by Senator M. Waddoups, with the following amendments:


1.    Page 1, Lines 7 through 9 :    

             7      General Description:
             8          This bill creates the Pawnshop Transaction Information Act within the Department of
             9

[[  
     Financial Institutions   ]]
  Commerce       . The bill establishes record keeping and reporting requirements


2.    Page 2, Line 44 :    

             44          .    creates a Pawnshop Advisory Board within the Department of
[[   Financial Institutions   ]]        Commerce       ;


3.    Page 2, Lines 56 through 57 :    

             56      Other Special Clauses:
             57          This bill provides an effective date
  and a repeal date       .

4.    Page 6, Lines 180 through 181 :    

             180      account.
    
  (4)(a) Any entity submitting a bid to create, maintain, and operate the database pursuant to the request for proposal conducted by the Division of Purchasing and General Services a\may not hold any financial or operating interest in any pawnshop in any state.

    (b) The division of Purchasing and General Services, in conjunction with the Pawnshop Advisory Board, shall verify before a bid is awarded that the selected entity meets the requirements of Subsection (4)(a).
    (c) If any entity is awarded a bid under this Subsection (4) and is later found to hold any interest in violation of Subsection (4)(a), the award is subject to being opened again for request for proposal.  

             181          Section 6. Section 13-32a-106 is enacted to read:

5.    Page 8, Lines 215 through 216 :    

             215          (8) All civil penalty payments under Subsection (7) shall be remitted to the Department
             216      of
[[   Financial Institutions   ]]        Commerce       , which shall deposit the fees in the account.


6.    Page 8, Line 225 :    

             225      penalty of $50 a day to the Department of
[[   Financial Institutions   ]]        Commerce       for each daily report required


7.    Page 11, Lines 314 through 317 :    

             314          (1) On and after January 1, 2005, each pawnshop in operation shall annually pay $250
             315      to the Department of
[[   Financial Institutions   ]]        Commerce       , to be deposited in the account.

* * * Some lines not shown * * *

             317      use of the database shall annually pay to the Department of
[[   Financial Institutions   ]]        Commerce       a fee of $2


8.    Page 11, Line 325 :    

             325          (1) There is created within the Department of
[[   Financial Institutions   ]]        Commerce       the Pawnshop


9.    Page 12, Line 346 :    

             346          (4) (a) Each
[[   pawnshop   ]]        pawnbroker       in operation as of January 1 shall ensure


10.    Page 12, Lines 365 through 366 :    

             365      shall be paid to the Department of
[[   Financial Institutions   ]]        Commerce       , which shall deposit them in the

             366      account.

11.    Page 12, Line 367 through Page 13, Line 369 :    

             367          (b) The Legislature may appropriate the funds in this account
  :

(i)  
to the board for the costs

             368      of providing training required under this chapter, costs of the central database created in
             369      Section 13-32a-105 , and for costs of operation of the board
  ; and

(ii) to the Department of Commerce for management of fees and penalties paid under this chapter  
.


12.    Page 13, Lines 370 through 371 :    

             370          (c) The board shall account to the Department of
[[   Financial Institutions   ]]        Commerce       for

             371      expenditures.

13.    Page 21, Lines 633 through 634 :    

             633          This bill takes effect on January 1, 2005, except that Section 13-32a-105 takes effect on
             634      December 1, 2004.
    
  Section 18. Repeal date.

    This bill is repealed on May 2, 2005.  


        Respectfully,

        Curtis S. Bramble
        Committee Chair

Voting: 6-0-2
3 SB0192.SC1.wpd bhowe/BRH SCA/JM1 2/24/04 5:16 pm

Bill Number
Action Class
Action Code

*SB0192*
*S*
*SCRAMD*

 SB0192
S
SCRAMD