The purposes of this chapter are to:

1. (1) prevent fraud, unfair practices, discrimination, imposition, and abuse of state residents;
2. (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. (3) prevent transactions in stolen property and other unlawful property transactions by licensing and regulating pawnbrokers;
4. (4) provide for licensing and investigation fees;
5. (5) provide minimum capital requirements for pawnbrokers;
6. (6) ensure financial responsibility to the state and its residents and compliance with federal, state, and local law, including rules and ordinances; and
7. (7) assist local governments in the exercise of their police power.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 63, eff. September 1, 2019.