What Record-Keeping Do States Require?
States mandate detailed transaction records with electronic reporting to law enforcement.
What must be recorded?
Customer ID details, item descriptions with serial numbers, loan terms, transaction dates, and often photos/thumbprints.
How long must records be retained?
Most states require 3-7 years retention, with some requiring longer for certain transactions.
Must shops report to police?
Yes, virtually all states require daily or weekly electronic reporting to law enforcement.