The method of sending notices by pawnbrokers and modifying rules promulgated by the Department of Financial Institutions

This bill allows pawnbrokers to send notices of sale and notices of surplus by registered mail or other means authorized under DFI's rules, and the bill further modifies DFI's rules related to pawnbroker notices to allow a pawnbroker to provide notice by electronic mail or text message if certain requirements are met. Under the bill, a pawnbroker may send notice to a physical mailing address, or the pawnbroker may send notice by electronic mail or text message if all of the following apply: 1) the pawnbroker receives the customer's written consent to receive notices by electronic mail or text message, which consent must state that the customer has the right to withdraw the consent and must be signed by the customer, except that no separate signature is required if the pawnbroker receives authorization by electronic mail or text message from the customer's electronic mail address or telephone number; 2) the pawnbroker requires at the time of the consent that the customer verify, using a specified method, the customer's electronic mail address or telephone number; 3) the pawnbroker retains records of the electronic mail or text message notices sent; and 4) the pawnbroker sends notice to the customer's physical mailing address if the electronic mail or text message delivery fails or if the customer withdraws consent to receive notice by electronic mail or text message.