HB 22-1324

House Bill 22-1324 changes how pawnbrokers are defined in Colorado. Previously, anyone who regularly buys items from people could be considered a pawnbroker. Now, the law specifies that someone is only a pawnbroker if they both buy items and offer loans against those items as collateral. This bill has been signed into law, meaning it officially updates the definition of "pawnbroker" to be more specific about what activities are required for this classification.

Official Summary

Under existing law, a pawnbroker is a person who regularly engages in the business of making contracts for purchase or purchase transactions in the course of his or her business. The act amends the definition of pawnbroker so that a person who is regularly engaged in the business of making purchase transactions is a pawnbroker only if the person also engages in the business of making contracts for purchase. (Note: This summary applies to this bill as enacted.)

Votes