Current Status Introducing Body:House Bill Number:3173 Primary Sponsor:Waldrop Committee Number:26 Type of Legislation:GB Subject:Pawnbroker, days when vesting occurs on unpaid property Residing Body:House Current Committee:Labor, Commerce and Industry Date Tabled:19930413 Computer Document Number:436/12835AC.93 Introduced Date:19930119 Last History Body:House Last History Date:19930413 Last History Type:Tabled in Committee Scope of Legislation:Statewide All Sponsors:Waldrop Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
3173 House 19930413 Tabled in Committee 26
3173 House 19930119 Introduced, read first time, 26
referred to Committee
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TO AMEND SECTION 40-39-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE VESTING OF TITLE TO PROPERTY IN THE POSSESSION OF A PAWNBROKER, SO AS TO DECREASE THE DAYS FROM SIXTY TO THIRTY WITHIN WHICH VESTING OCCURS ON UNPAID PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-39-110 of the 1976 Code, as last amended by Act 491 of 1988, is further amended to read:
"Section 40-39-110. If any a loan remains unpaid for a period of sixty thirty days from the due date or any a renewal or extension thereof of the due date, the title of the borrower or pledgor to the property pledged to secure the loan shall vest vests in the pawnbroker, without advertising, sale, or accountability to the pledgor, if the pawn ticket or memorandum delivered to the borrower in accordance with Section 40-39-80, contains on the back thereof a notice to that effect, and if a printed or written notice of the impending forfeiture is mailed to the pledgor at the address given on the pawn ticket, at least ten days prior to before the forfeiture date. This notice must shall contain a description of the article pledged, and the amount due thereon as of the date of the notice. No notice is required on loans of fifty dollars or less."
SECTION 2. This act takes effect upon approval by the Governor."