Purposes

Sec. 371.002. PURPOSES. The purposes of this chapter are to: (1) prevent fraud, unfair practices, discrimination, imposition, and abuse of state residents; (2) exercise the state's police power to ensure a sound system of making pawn loans and transfers of personal property by and through pawnshops; (3) prevent transactions in stolen property and other unlawful property transactions by licensing and regulating pawnbrokers; (4) provide for licensing and investigation fees; (5) provide minimum capital requirements for pawnbrokers; (6) ensure financial responsibility to the state and its residents and compliance with federal, state, and local law, including rules and ordinances; and (7) assist local governments in the exercise of their police power. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by: Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 63, eff. September 1, 2019.