Michigan Compiled Laws
Act 273 of 1917 - Pawnbrokers (446.201 - 446.219)
Section 446.205 - Record of Property Received; Contents; Inspection; Form of Permanent Record.

Sec. 5.
(1) A pawnbroker shall keep a record in English, at the time the pawnbroker receives any article of personal property or other valuable thing by way of pawn, that includes a description of the article, a sequential transaction number, any amount of money loaned on the article, the name, residence, general description, and driver license number, official state personal identification card number, or government identification number of the person from whom the article was received, and the day and hour when the article was received. The record, the place where the business is carried on, and all articles of property in that place of business are subject to examination at any time by the attorney of the governmental unit, local police agency, the county prosecuting attorney of the county in which the governmental unit is situated, or the department of state police.
(2) Upon the receipt of any article of personal property or other valuable thing by way of pawn, the pawnbroker shall make a permanent record of the transaction on a form provided by the pawnbroker that substantially complies with the form described in subsection (4). Each record of transaction shall be completed in duplicate by the pawnbroker, legibly in the English language, and shall contain all applicable information required to complete the record of transaction form under subsection (4). This subsection does not prohibit the use and transmission of the information required in the record of the transaction by means of computer or other electronic media as permitted by the local police agency within the applicable governmental unit.
(3) The pawnbroker shall retain a record of each transaction and, within 48 hours after the property is received, shall send 1 copy of the record of transaction to the local police agency.
(4) The record of transaction form shall be 8-1/2 inches by 11 inches in size and shall be as follows:

History: 1917, Act 273, Eff. Aug. 10, 1917 ;-- CL 1929, 9688 ;-- CL 1948, 446.205 ;-- Am. 1998, Act 233, Imd. Eff. July 3, 1998 ;-- Am. 2002, Act 469, Imd. Eff. June 21, 2002 Compiler's Notes: See Act 469 of 2002 for correct formatting of table in subsection (4).

Structure Michigan Compiled Laws