BILL NUMBER: SB 1885	CHAPTERED  07/11/00

	CHAPTER   128
	FILED WITH SECRETARY OF STATE   JULY 11, 2000
	PASSED THE ASSEMBLY   JUNE 26, 2000
	PASSED THE SENATE   APRIL 3, 2000

INTRODUCED BY   Senator Johnston

                        FEBRUARY 24, 2000

   An act to add Section 21201.4 to the Financial Code, relating to
pawnbrokers.

      e law without Governor's signature.  Filed with
Secretary of State July 11, 2000.)


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1885, Johnston.  Pawnbroker regulations:  loan charges.
   Existing law sets forth a schedule of maximum compensation and a
schedule of charges that govern the amount a pawnbroker may receive
or charge on any loan.
   This bill would require that pawnbroker charges for the first 90
days of any loan be determined by the schedule of charges, and that
pawnbroker charges following the first 90 days of the loan be
determined by the schedule of maximum compensation.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:


  SECTION 1.  Section 21201.4 is added to the Financial Code, to
read:
   21201.4.  Charges for the first 90 days of any loan made pursuant
to the written contract required by Section 21201 shall be determined
by the application of the schedule of charges contained in Section
21200.5.  Charges for any period of time following the first 90 days
of the loan shall be determined by application of the schedule of
maximum compensation contained in Section 21200.