An Act To Amend the Laws Governing Pawn Transactions
Maine Legislature, Session 126, LD 0071
Committee: Labor, Commerce, Research and Economic Development
Sponsors: FOWLE, LONGSTAFF, WILSON
Amends: 30-A MRSA §3962, 30-A MRSA §3963, 30-A MRSA §3966

Legislative Document 
No. 71 
H.P. 64 
House of Representatives, January 22, 2013 
An Act To Amend the Laws Governing Pawn Transactions 
Reference to the Committee on Labor, Commerce, Research and Economic Development 
suggested and ordered printed. 
MILLICENT M. MacFARLAND 
Clerk 
Presented by Representative FOWLE of Vassalboro. 
Cosponsored by Representatives: LONGSTAFF of Waterville, WILSON of Augusta. 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  30-A MRSA §3962, sub-§1, as amended by PL 1995, c. 397, §14, is 
further amended to read: 
1.  Account kept.  Every pawnbroker shall maintain records in which the pawnbroker 
shall enter: 
A.  The date, duration, amount, periodic rate of interest and annual percentage rate of 
every loan that is made; 
A-1.  The finance charge, due dates for payment and the total payment needed to 
redeem or repurchase the pawned property; 
B.  An accurate account and description of the property pawned; 
B-1.  The terms of redemption or repurchase, including any reduction in the finance 
charge for early redemption or repurchase and the right of the consumer to at least 
one extension of one month at the same rate of interest upon request in writing or in 
person; and 
C.  The name and residence of the consumer. 
A pawnbroker shall include in the pawnbroker's records a digital photograph of the 
property pawned or purchased.  The pawnbroker shall allow the municipal officers to 
inspect these records at all reasonable times. 
Sec. 2.  30-A MRSA §3962, sub-§3, as amended by PL 1993, c. 59, §2, is further 
amended to read: 
3.  List filed with law enforcement agency.  Before the 15th day of every month, 
the pawnbroker shall file with the law enforcement agency of jurisdiction, in a form 
acceptable to that agency, a summary of the pawn transactions entered into during the 
preceding calendar month and a digital photograph of each of the properties pawned or 
purchased during the preceding calendar month. 
Sec. 3.  30-A MRSA §3963, sub-§5-A is enacted to read: 
5-A.  Holding period.  If the initial redemption or repurchase period plus any 
extension is less than 30 days and the pawned property is not redeemed or repurchased by 
the consumer, a pawnbroker may not sell or alter the property until the property has 
remained in the pawnbroker's possession for 30 days after the expiration of the initial 
redemption or repurchase period plus any extension under subsection 5. 
Sec. 4.  30-A MRSA §3966 is enacted to read: 
§3966.  Holding period for purchased property 
If a pawnbroker purchases tangible personal property without any condition of 
repurchase by the seller for a fixed price within a fixed period of time, the pawnbroker 
must retain the property and may not sell or alter the property for a period of not less than 
days after the purchase. 
SUMMARY 
This bill: 
1.  Requires that pawnbrokers maintain in their records digital photographs of 
property pawned or purchased; 
2.  Requires that pawnbrokers file with the law enforcement agency of jurisdiction 
digital photographs of the properties pawned or purchased during the preceding calendar 
month; 
3.  Requires that, if the redemption or repurchase period is less than 30 days and the 
pawned property is not redeemed or repurchased by the consumer, a pawnbroker may not 
sell or alter the property until the property has remained in the pawnbroker's possession 
for 30 days after the expiration of the time for which it was pawned; and 
4.  Requires that if a pawnbroker purchases tangible personal property without any 
condition of repurchase by the seller for a fixed price within a fixed period of time, the 
pawnbroker must retain the property and may not sell or alter the property for a period of 
not less than 60 days after the purchase.