On behalf of The Silicon Valley Organization (The SVO), we are writing to support AB 1993 (Gipson), which would shorten the 30-day holding period for tangible personal property acquisitions to three days if a secondhand dealer reports the transaction through the California Department of Justice’s (DOJ) California Pawn and Secondhand Dealer System (CAPSS). By way of background, we are the Silicon Valley’s premier business advocacy organization representing 1,400+ companies that employ nearly 300,000 workers and we represent our membership as the region’s largest Chamber of Commerce.

With the introduction of an online CAPSS technology platform and statewide instantaneous reporting of secondhand dealer transactions, a 30-day hold is an outdated policy that limits the growth of the pawnbroker industry. AB 1993 would reduce this holding period to 3-day hold and DOJ is already able to access transactional data with 24 hours. Local and small businesses statewide would benefit tremendously with a reduced holding period and still comply with DOJ requirements. Furthermore, these policy provisions do not apply to the secondhand sale of firearms and AB 1993 would continue to enforce the 30-day holding period on firearm sales.

For these reasons, The SVO supports the passage of AB 1993 through the Assembly Business & Professions Committee and we urge your vote in support of this bill.

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