The 25th Alaska State Legislature, 2007 - 2008||
Sponsor Statement: House Bill 258
“An Act relating to pawnbrokers and the exemption for pawnbrokers under the Alaska Small Loans Act; and providing for an effective date.”
Posted: March 10, 2008 : v1 25-LS0924-C
Bill Version: SSHB 258
Status: (H) L&C : 2008-03-17
House Bill 258 institutes a regulatory scheme for pawnbrokers in the State of Alaska. Currently there is no codified regulation of this industry in statute an oversight when it comes to consumer protection.
Alaska Statute Section 08.76.040. Disposition of unredeemed property, is the controlling language under which all pawnbrokers currently conduction business. Four paragraphs outlining redemption period, notices, and entitlements. HB 258 establishes a more formal structure easy to follow by current shop owners, and one that the State can regulate effectively.
Pawnbrokers have operated far too long without consistent state oversight and regulation. Consumers of this service need to know that the state is looking out for their protection and that each operator follows the same rules and their procedures are transparent to the public and to public safety.
These changes have been crafted by combining the best practices of other states.
I urge your support of this legislation.