Bill > A07092

This bill requires collateral loan brokers (pawnbrokers) to follow new regulations when receiving pawned goods. Specifically, pawnbrokers must verify the identity of individuals pawning items by requiring two forms of identification and maintaining a detailed record that includes photocopies of those IDs, along with contact information for the person pawning the item. The pawnbroker must report all newly received items to the sheriff's department within 24 hours, providing a description and any available identification numbers. After reporting, the pawnbroker is prohibited from selling or destroying the item for 15 calendar days. Additionally, the bill mandates that the sheriff compile a comprehensive list of stolen goods within the county, drawing from reports submitted by their department, local police departments, and state police. This legislation aims to create a more transparent and traceable process for pawned goods, potentially helping to reduce theft and recover stolen property. The bill is set to take effect on November 1, 2026.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A7092