§ 10-25 — Inspection of records and reports required of licensee

Illinois § 10-25

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 511/: Pawnbroker Regulation Act of 2023.

Text

(a) Inspection of records. (1) The book or computer records, as well as every article or other thing of value so pawned or pledged, shall at all times be open to the inspection of the Secretary, the sheriff of the county, his deputies, or any members of the police force of any city in the county in which such pawnbroker does business. In addition, the Secretary shall be authorized to inspect the books or records of any business he or she has reasonable cause to believe is conducting pawn transactions and should be licensed under this Act. (2) The book or computer records, pawn tickets, or any other records required by the Secretary under this Act or any rule adopted in accordance with this Act shall be maintained for a period of 3 years after the date on which the record or ticket was prepared. These records and tickets shall be open to inspection of the Secretary at all times during the 3-year period. (b) Daily report. (1) Except as provided in paragraph (2) of this subsection, it shall be the duty of every pawnbroker to make out and deliver to the sheriff of the county in which such pawnbroker does business, on each day before noon, a legible and exact copy from the standard record book, as required in subsection (a) of Section 15-25, that lists all personal property and any other valuable thing received on deposit or purchased during the preceding day, including the exact time when received or purchased, and a description of the person or person by whom left in pledge, or from whom the same were purchased; however, in cities or towns having 25,000 or more inhabitants, a copy of the report shall at the same time also be delivered to the superintendent of police or the chief police officer of such city or town. The report may be made by computer printout or input memory device if the format has been approved by the local law enforcement agency. (2) In counties with more than 3,000,000 inhabitants, a pawnbroker must provide the daily report to the sheriff only if the pawnshop is located in an unincorporated area of the county. Pawnbrokers located in cities or towns in such counties must deliver such reports to the superintendent of police or the chief police officer of the city or town. (c) Report to the Secretary. The Secretary, as often as the Secretary shall deem necessary or proper, may require a pawnshop to submit a full and detailed report of its operations including, but not limited to, the number of pawns made, the amount advanced on pawn transactions, the number and amount of pawns surrendered to law enforcement, and any information required for purposes of reporting pursuant to Section 10-60. The Secretary shall prescribe the form of the report and establish the date by which the report must be filed.

Legislative History

(Source: P.A. 103-585, eff. 3-22-24.)