Provides for electronic notice for collateral loan brokers

This bill (S 6388) requires collateral loan brokers (like pawn shops) to send key notices to borrowers via email or text message instead of traditional mail. Specifically, brokers must provide electronic notice of an upcoming sale at least 30 days before the sale, followed by a second notice 15 days prior, unless the borrower chooses postal mail. Borrowers can also update their contact information for these notices at any time before the sale. Additionally, any excess money after a sale must be notified to borrowers using the same electronic method chosen for the sale notice, with records kept for six years.