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SB2725 • 2026

Pawnbrokers; provide precious metal retention requirements and revise fingerprinting requirements for.

AN ACT TO AMEND SECTION 75-67-309, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A PAWNBROKER SHALL MAINTAIN ON THE PREMISES PRECIOUS METAL, COINS AND BULLION FOR THREE BUSINESS DAYS IF THE PAWNBROKER MAKES AVAILABLE ALL TRANSACTIONS EITHER ELECTRONICALLY OR ON COMPUTER DISC TO THE APPROPRIATE LAW ENFORCEMENT AGENCY; TO AMEND SECTION 75-67-323, MISSISSIPPI CODE OF 1972, TO REQUIRE AN APPLICANT FOR A PAWNBROKER LICENSE TO SUBMIT FINGERPRINTS FROM A LOCAL LAW ENFORCEMENT AGENCY; TO DIRECT THE COMMISSIONER TO CAUSE A CRIMINAL BACKGROUND CHECK TO BE CONDUCTED BY THE FBI TO DETERMINE WHETHER THE APPLICANT HAS A DISQUALIFYING RECORD; TO PROVIDE THAT AFTER INITIAL LICENSING, LICENSEE FINGERPRINTS MUST BE RESUBMITTED EVERY THREE YEARS OR IN ACCORDANCE WITH FBI REQUIREMENTS TO DETERMINE CONTINUED SUITABILITY FOR LICENSE; AND FOR RELATED PURPOSES.

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor
McMahan
Last action
2026-03-03
Official status
Dead
Effective date
July 1, 20

Plain English Breakdown

Checked against official source text during the last sync.

Pawnbroker Rules for Precious Metals and Background Checks

This bill changes pawnbroker rules to require them to keep precious metals on hand for three business days if they share transaction data with law enforcement electronically, and it updates fingerprinting requirements for licensing.

What This Bill Does

  • Requires pawnbrokers to maintain precious metal items like coins and bullion on their premises for at least three business days if they can send transaction details to the police using computers or discs.
  • Makes sure that people applying for a pawnbroker license must give fingerprints to local law enforcement agencies.
  • Directs the commissioner to run background checks through the FBI to see if applicants have criminal records that would disqualify them from getting a license.
  • After getting their first license, pawnbrokers need to resubmit fingerprints every three years or as required by the FBI to keep their licenses.

Who It Names or Affects

  • Pawnbrokers who want to get or renew their licenses in Mississippi.

Terms To Know

FBI
Federal Bureau of Investigation, a U.S. government agency that investigates crimes and runs background checks.
Pawnbroker
A person who lends money to people in exchange for their personal items as collateral.

Limits and Unknowns

  • The bill did not pass, so these changes would not have taken effect.
  • It is unclear how many pawnbrokers currently use electronic systems to share transaction data with law enforcement.

Bill History

  1. 2026-03-03 Mississippi Legislative Bill Status System

    03/03 (H) Died In Committee

  2. 2026-02-12 Mississippi Legislative Bill Status System

    02/12 (H) Referred To Business and Commerce

  3. 2026-02-10 Mississippi Legislative Bill Status System

    02/10 (S) Transmitted To House

  4. 2026-02-09 Mississippi Legislative Bill Status System

    02/09 (S) Passed

  5. 2026-02-09 Mississippi Legislative Bill Status System

    02/09 (S) Committee Substitute Adopted

  6. 2026-02-02 Mississippi Legislative Bill Status System

    02/02 (S) Title Suff Do Pass Comm Sub

  7. 2026-01-19 Mississippi Legislative Bill Status System

    01/19 (S) Referred To Business and Financial Institutions

Official Summary Text

Pawnbrokers; provide precious metal retention requirements and revise fingerprinting requirements for.

Current Bill Text

Read the full stored bill text 
S. B. No. 2725 *SS26/R1009CS.2* ~ OFFICIAL ~ G3/5
26/SS26/R1009CS.2
PAGE 1

To: Business and Financial
Institutions
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) McMahan

COMMITTEE SUBSTITUTE
FOR
SENATE BILL NO. 2725

AN ACT TO AMEND SECTION 75-67-309, MISSISSIPPI CODE OF 1972, 1
TO PROVIDE THAT A PAWNBROKER SHALL MAINTAIN ON THE PREMISES 2
PRECIOUS METAL, COINS AND BULLION FOR THREE BUSINESS DAYS IF THE 3
PAWNBROKER MAKES AVAILABLE ALL TRANSACTIONS EITHER ELECTRONICALLY 4
OR ON COMPUTER DISC TO THE APPROPRIATE LAW ENFORCEMENT AGENCY; TO 5
AMEND SECTION 75-67-323, MISSISSIPPI CODE OF 1972, TO REQUIRE AN 6
APPLICANT FOR A PAWNBROKER LICENSE TO SUBMIT FINGERPRINTS FROM A 7
LOCAL LAW ENFORCEMENT AGENCY; TO DIRECT THE COMMISSIONER TO CAUSE 8
A CRIMINAL BACKGROUND CHECK TO BE CONDUCTED BY THE FBI TO 9
DETERMINE WHETHER THE APPLICANT HAS A DISQUALIFYING RECORD; TO 10
PROVIDE THAT AFTER INITIAL LICENSING, LICENSEE FINGERPRINTS MUST 11
BE RESUBMITTED EVERY THREE YEARS OR IN ACCORDANCE WITH FBI 12
REQUIREMENTS TO DETERMINE CONTINUED SUITABILITY FOR LICENSE; AND 13
FOR RELATED PURPOSES. 14
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 15
SECTION 1. Section 75-67-309, Mississippi Code of 1972, is 16
amended as follows: 17
75-67-309. (1) The pledgor or seller shall sign a statement 18
verifying that the pledgor or seller is the rightful owner of the 19
goods or is entitled to sell or pledge the goods and shall receive 20
an exact copy of the pawn ticket which shall be signed or 21
initialed by the pawnbroker or any employee of the pawnbroker. 22
(2) The pawnbroker shall maintain a record of all 23
transactions of pledged or purchased goods on the premises. A 24
S. B. No. 2725 *SS26/R1009CS.2* ~ OFFICIAL ~
26/SS26/R1009CS.2
PAGE 2

pawnbroker shall upon request provide to the appropriate law 25
enforcement agency a complete record of all transactions. These 26
records shall be a correct copy of the entries made of the pawn or 27
purchase transaction, except as to the amount of cash advanced or 28
paid for the goods and monthly pawnshop charge. If the law 29
enforcement agency supplies the appropriate computer software and 30
the pawnbroker has the appropriate computer hardware, all 31
transactions shall be made available by means of electronic 32
transmission through a modem or similar device or by providing a 33
computer disc to the law enforcement agency within seventy-two 34
(72) hours of the transaction. Any pawnbroker who is recording 35
transactions through the use of computer hardware on March 24, 36
2001, and is provided such appropriate software shall not cease or 37
alter the use of his computer hardware unless authorized by the 38
law enforcement agency. 39
(3) All goods purchased across the counter by the pawnbroker 40
shall be maintained on the premises by the pawnbroker for at least 41
fourteen (14) calendar days if the pawnbroker makes available all 42
transactions either electronically or on computer disc to the 43
appropriate law enforcement agency as provided in subsection (2) 44
above. Otherwise, the pawnbroker shall maintain on the premises 45
the purchased goods for twenty-one (21) calendar days with the 46
exception of precious metal, coins and bullion, which shall be 47
maintained on the premises by the pawnbroker for three (3) 48
business days if the pawnbroker makes available all transactions 49
S. B. No. 2725 *SS26/R1009CS.2* ~ OFFICIAL ~
26/SS26/R1009CS.2
PAGE 3

either electronically or on computer disc to the appropriate law 50
enforcement agency as provided in subsection (2) above. 51
(4) The commissioner may establish by rule, regulation or 52
order, a process to allow certain purchased goods to be stored off 53
premises, at a secure, nonresidential location. 54
SECTION 2. Section 75-67-323, Mississippi Code of 1972, is 55
amended as follows: 56
75-67-323. (1) To be eligible for a pawnbroker license, an 57
applicant shall: 58
(a) Operate lawfully and fairly within the purposes of 59
this article; 60
(b) Not have been convicted of a felony in the last ten 61
(10) years or be active as a beneficial owner for someone who has 62
been convicted of a felony in the last ten (10) years; 63
(c) File with the commissioner a bond with good 64
security in the penal sum of Ten Thousand Dollars ($10,000.00), 65
payable to the State of Mississippi for the faithful performance 66
by the licensee of the duties and obligations pertaining to the 67
business so licensed and the prompt payment of any judgment which 68
may be recovered against such licensee on account of damages or 69
other claim arising directly or collaterally from any violation of 70
the provisions of this article; such bond shall not be valid until 71
it is approved by the commissioner; such applicant may file, in 72
lieu thereof, cash, a certificate of deposit, or government bonds 73
in the amount of Ten Thousand Dollars ($10,000.00); such deposit 74
S. B. No. 2725 *SS26/R1009CS.2* ~ OFFICIAL ~
26/SS26/R1009CS.2
PAGE 4

shall be filed with the commissioner and is subject to the same 75
terms and conditions as are provided for in the surety bond 76
required herein; any interest or earnings on such deposits are 77
payable to the depositor; 78
(d) File with the commissioner an application 79
accompanied by the initial license fee required in this article; 80
(e) Submit a set of fingerprints from * * * a local law 81
enforcement agency. In order to determine the applicant's 82
suitability for license, the commissioner shall * * * cause a 83
criminal background check to be conducted by the FBI to determine 84
whether there is a disqualifying record. After initial licensing, 85
licensee fingerprints must be resubmitted every three (3) years or 86
in accordance with FBI requirements to determine continued 87
suitability for license. 88
(2) Every licensee shall post his license in a conspicuous 89
place at each place of business. 90
(3) Every licensee shall post and display a sign which 91
measures at least twenty (20) inches by twenty (20) inches in a 92
conspicuous place and in easy view of all persons who enter the 93
place of business. The sign shall display bold, blocked letters, 94
easily readable, with the following information: "This pawnshop 95
is licensed and regulated by the Mississippi Department of Banking 96
and Consumer Finance. If you encounter any unresolved problem 97
with a transaction at this location, you are entitled to 98
assistance. Please call or write: Mississippi Department of 99
S. B. No. 2725 *SS26/R1009CS.2* ~ OFFICIAL ~
26/SS26/R1009CS.2
PAGE 5
ST: Pawnbrokers; provide precious metal
retention requirements and revise fingerprinting
requirements for.
Banking and Consumer Finance, Post Office * * * Box 12129, 100
Jackson, MS * * * 39236-2129; Phone 1-800-844-2499." 101
(4) From and after December 1, 2010, each application for an 102
initial license shall include evidence of the satisfactory 103
completion of at least six (6) hours of approved prelicensing 104
education, and each application for renewal shall include evidence 105
of the satisfactory completion of at least six (6) hours of 106
approved continuing education, by the owners or designated 107
representative in pawnbroker transactions. Two (2) of the six (6) 108
hours shall consist of instruction on the Mississippi Pawnshop Act 109
and shall be approved by the department once the course is 110
approved by the Mississippi Pawnbrokers Association or the 111
National Pawnbrokers Association. 112
SECTION 3. This act shall take effect and be in force from 113
and after July 1, 2026. 114