§ 15-50 — Sale of property

Illinois § 15-50

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

Text

(a) No personal property pledged or received on deposit by any pawnbroker shall be permitted to be redeemed from such pawnbroker for a period of 48 hours after the delivery of the copy and statement required by subsection (b) of Section 10-25 to be delivered to the officer or officers named therein. (b) No personal property purchased by any pawnbroker shall be sold or removed from the place of business or transferred to another pawnshop location of such pawnbroker for a period of 10 days after the delivery of the copy and statement required by subsection (b) of Section 10-25 to be delivered to the officer or officers named therein. (c) If the pawner fails to repay or extend the pawn during the period specified on the pawn ticket, the pawnbroker shall automatically extend a grace period of 30 days after the default date on the pawn during which the pawnbroker shall not dispose of or sell the personal property pawned. The parties may agree to extend or renew a pawn upon terms agreed upon by the parties, if the terms comply with the requirements of this Act. Title to the pledged property transfers to the pawnbroker after the default date grace period expires or upon expiration of an agreed extension. (d) A county or municipality, including a home rule unit, may regulate holding periods in a manner that is more restrictive than the regulation provided in this Section. (e) A home rule unit may not regulate the holding periods in this Section in a manner less restrictive than the regulation by this State. This Section is a limitation under subsection (i) of Section 6 of Article VII of the Illinois Constitution on the concurrent exercise by home rule units of the powers and functions exercised by this State.

Legislative History

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