Bill > SB0956

This bill modifies the requirements for pawnbrokers in Michigan by amending an existing law that regulates their business. Specifically, it changes the record-keeping requirements for pawnbrokers when they receive items as collateral for a loan. The bill mandates that the transaction record form must now include a writing that requires the pawner, the person pawning the item, to state their race according to the "Michigan data collection act," which refers to state-level guidelines for collecting demographic information. Additionally, the bill specifies that this form must be 8-1/2 inches by 11 inches and provides a detailed template for the front and back of this record of transaction form, which includes fields for item description, loan amount, customer identification, and a space for a thumbprint, while also removing a previous checkbox for race.