Pawnshop regulations prevent the pawn, purchase and sale of stolen goods

Pawnshops and stolen items

Pawnshops are not allowed to buy stolen goods or allow customers to pawn them. This is an issue that relates to morals and rule of law. Additionally, it is a business issue. No pawnshop wants to buy stolen items. One reason is that if a pawn does buy a stolen item and then the police locate it, then the pawnshop would have to hand over the item, even though they have paid for it and cannot sell it. Therefore, pawnbrokers take precautions so that they do not buy and deal stolen items. Around the country, cities, counties and states are constantly revising their laws and regulations to prevent crime and to prevent pawnshops from accidentally buying stolen items.

 New regulations that some pawnbrokers must follow

One state just passed new laws to deter people from attempting to sell stolen items to pawnshops, according to NBC 12. First, pawnshops will be prohibited from buying items that are missing their serial number (provided that they should have had one originally). That is because thieves may scratch or file off a serial number of an electronic item, such as a phone or laptop, so that it cannot be identified. Chances are that if an item has no legible serial number, it is stolen. Additionally, pawn brokers must keep photo IDs of customers that pawn or sell items on file, in case the police need it for an investigation.

One other city now requires pawnshops to send digital photos of items pawned and bought to the police as reported by the Sun Journal (New Bern). Advanced technology can help law enforcement agencies complete investigations more effectively and even successfully. This city also asks pawnshop owners to compile a list of transactions daily.

Another state has enacted a similar law that also requires pawnshops to provide police with records of certain transactions daily according to Arkansas Online. No one wants his or her stolen possession to be pawned, held and/or sold. Therefore, these types of laws are appropriate in preventing errors and aiding the police when an item has been stolen.