HB0779 - STATE GOVERNMENT-TECH

6 Co-Sponsors

Creates the Pawnbroker Regulation Act of 2023. Sets forth provisions concerning pawnbroker licensure, pawnbroker supervision, customer rights, and consumer fraud protections. Provides that there shall not be more than 250 active pawnbroker licenses at any one time within the State of Illinois, and that there shall not be more than 150 active pawnbroker licenses issued for specified counties at any one time. Sets forth provisions concerning licensee names, license application process, prohibited acts and practices, license issuance and renewal, license suspension and revocation, confidentiality of information, and record requirements. Sets forth the functions, powers, and duties of the Secretary of Financial and Professional Regulation. Defines terms. Preempts home rule powers. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Makes corresponding changes in other provisions. Repeals the Pawnbroker Regulation Act. Effective immediately.