Bill Text: NJ A2618 | 2018-2019 | Regular Session | Introduced

---

Bill Title: Stipulates that applicants for pawnbroker license are not required to submit CPA-certified financial statement.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-02-01 - Introduced, Referred to Assembly Regulated Professions Committee [A2618 Detail]

Download: New_Jersey-2018-A2618-Introduced.html

---

ASSEMBLY, No. 2618

STATE OF NEW JERSEY

218th LEGISLATURE

 

INTRODUCED FEBRUARY 1, 2018

 

 

Sponsored by:

Assemblyman  JOHN J. BURZICHELLI

District 3 (Cumberland, Gloucester and Salem)

 

 

 

 

SYNOPSIS

     Stipulates that applicants for pawnbroker license are not required to submit CPA-certified financial statement.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act concerning licensure of pawnbrokers and amending R.S.45:22-4.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    R.S.45:22-4 is amended to read as follows:

     45:22-4.  Upon application to the Commissioner of Banking and Insurance, such official may in his discretion issue to the applicant upon the filing of a bond as hereinafter provided, a license to do business in this State. The license shall not be assignable. The license shall run from the date of issuance to the end of the licensing period of not less than two years as set by the commissioner by regulation. The Commissioner of Banking and Insurance may require proof to his satisfaction of the financial ability of the applicant to carry on such business.  In determining the financial ability of the applicant, the commissioner shall not require the applicant to submit a financial statement prepared by a certified public accountant.

(cf: P.L.2007, c.81, s.26)

 

     2.    This act shall take effect on the first day of the third month next following enactment.

 

 

STATEMENT

 

     This bill prohibits the Commissioner of Banking and Insurance from requiring an applicant for a pawnbroker license to submit a financial statement prepared by a certified public accountant.  Currently, applicants must submit an audited financial statement for the business prepared by a certified public account.  This requirement adds a significant start-up cost to a prospective pawnbroker business.

     This bill is based on one of the suggested legislative reforms outlined in the Red Tape Review Commission's Findings and Recommendations report issued in February, 2012.