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1 A bill for an act <br /> 2 relating to commerce; directing the commissioner of <br /> 3 commerce to conduct a study of the Minnesota <br /> 4 pawnbroker industry. <br /> 5 BE IT ENACTED BY TEE LEGISLATURE OF THE STATE OF MINNESOTA: <br /> 6 Section 1. [STUDY OF PAWNBROKER INDUSTRY. ] <br /> 7 The commissioner of commerce, in consultation with the <br /> 8 -attorney general, shall conduct a study of the pawnbroker <br /> 9 industry in Minnesota, and shall report the findings , <br /> 10 conclusions, and recommendations to the legislature by December <br /> 11 1, 1994, on the following: <br /> 12 (1) the current licensing and regulation of pawnbrokers by <br /> 13 political subdivisions, the effectiveness of that licensing and <br /> 14 regulation, and whether there is a need for licensing and <br /> :15 regulation by the state; <br /> 16 (2) the current practices used in the industry for valuing <br /> 17 pawned objects as security for a loan and the fairness of the <br /> :18 values attributed to those objects by pawnbrokers; <br /> 19 (3) the rate of interest charged on pawnbroker loans in the <br /> 20 state and whether the state should establish a maximum rate of <br /> 21 interest for pawnbroker loans; and <br /> 22 (4) the rate of interest on pawnbroker loans permitted in <br /> 23 other states. <br /> o <br /> 1 <br />