National Pawnbrokers Association – Pending Legislation
from National Pawnbrokers Association
 Due to the urgency of proposed federal legislation and the potential negative impact on the pawn industry, various parties have taken it upon themselves to alert the public, media and government officials of the unintended consequences of these bills. The NPA is attempting to coordinate the efforts of all interested parties in order to present a focused and coordinated effort which best serves the interests of our industry. More
Federal Legislation Threatens Future of Pawnshops
from KTBS-TV
While pawnshops have been thriving in these tough economic times, some store owners in Oklahoma and across the country are wary due to legislation that would change the future for owners and consumers. U.S. Senate Bill 500, "Protecting Consumers from Unreasonable Credit Rates Act of 2009," would cap consumer interest rates at 36 percent annually. More
Senate Bill Proposes to Lower Interest Rates on Short-term Loans
from KFDX-TV
When Johnathan Fletcher needs some quick cash, he turns to the pawnshops. Fletcher says the trade off of getting an easy loan at a high interest rate works for him, but some say there should be more limits. A Senate bill would mean people in the business of giving out short term loans would have to drop their interest rates dramatically. More
Bill Could Put Pawnshops Out of Business
from KTEN-TV
F & I Pawn Shop in Denison, Texas, has been going strong despite a weak economy, yet a senate bill could put them out of business. Manager Cindy Kuneman says Senate Bill 500 focuses on regulating payday loans, but they're affected because they've been clustered under the same umbrella. More
102-year-old Woman Still on the Job in Columbia, S.C.
from the Associated Press via The Chicago Sun Times
Florence Levy recently turned 102 years old and you won't believe what she’s doing. She's working. Oh, the stories Levy can tell with 68 years in the pawnshop business. "I opened up this place; if it weren’t for me it wouldn't have happened," she said. More
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U.S. and Texas Legislators Again Seek Tighter Rules for Payday Loans
from The Fort Worth Star-Telegram
The Texas Legislature and Congress are once again seeking to rein in short-term lenders as economic conditions force more people to seek out a costly quick fix for financial emergencies. At a recent news conference, state senators announced bills to establish government oversight of largely unregulated payday lenders. Among the measures are licensing requirements, a 36 percent limit on interest rates charged on such loans, establishment of maximum fees allowed and oversight of debt-collection practices. More
Senate Bill May Stop Pawn Shop Loans
from WDEF-TV
Pawnshop owners are joining a national fight against lawmakers. They are protesting Senate Bill 500. If it passes, the bill would cap interest rates for short term loans across the nation at 36 percent and that would include pawnshops. More
663,000 Jobs Cut in March; Workers' Hours at Record Low
from USA TODAY
The nation's unemployment rate shot up to 8.5 percent in March as employers shed 663,000 jobs and cut workers' hours to a record low, the Labor Department said Friday in a report showing continued rapid deterioration in the job market. A record 13.2 million Americans were out of work last month. More
The Influence Game: Payday Lenders Thwart Limits
from The Associated Press
The payday loan industry, threatened by Congress with extinction, has deployed well-connected lobbyists and hefty sums of campaign cash to key lawmakers to save itself. The strategy has paid off. Now a top Democrat who once tried to ban the practice is instead pushing to regulate it — a result, he says, of the industry's lobbying clout. More
Nobody's Pawn
from KXAS-TV
In this economy where jobs are lost quickly through downsizing or outsourcing, where banks either can't or won't lend cash to people trying to make ends meet, it's pawnshops with collateral-based loans that are meeting the basic financial needs of those struggling. "There are a lot of people out of work," said Dave Springett, owner of Frisco Jewelry and Loan in Frisco, Texas. "Our customer base is growing." More
Business Up at South Coast Massachusetts Pawnshops
from SouthCoast Today
An eye-catching array of electric and acoustic guitars decorate the wall that customers first see when they enter the Empire Loan pawnshop in New Bedford, Mass. A pair of velvet ropes direct individuals to the counter, where employees working behind bullet-proof plexiglass hand them cash in exchange for some collateral, usually watches, gold, jewelry and musical instruments. More
Houston Police Searching for Four Men Who Robbed Pawnshops
from The Houston Chronicle
Houston police are asking the public to help investigators identify four men suspected of robbing two pawnshops in recent months. The men, armed with pistols, took cash and jewelry from the InstaCash Pawn Shop on March 16, police say. They drove away in a dark-blue, four-door Honda Accord. More
Hock It to Me
from CFO Magazine
In yet another sign of the times, the old Wachovia Bank branch in Roswell, Ga., is now a pawnshop. Dubbed The Vault, the shop has reported increasing business during its four months of operation. "Any time that traditional financial sources cut back on credit, we do well, because there are a lot more customers who don't want to deal with banks," says Thomas A. Bessant Jr., CFO of Cash America, the country's largest provider of "secured nonrecourse loans" (that is, pawn loans). "In good times or bad, our customers like the simplicity and ease-of-use of our service." More
Some Southeast Texas Pawnshops Credit Economy for Boom in Business
from KFDM-TV
Dustin Chaney with Lone Star State Pawn in Lumberton, Texas, says customers are not just buying, for the past six months ..."they've been bringing in belongings to get quick cash in hand. We actually have a lot of new faces with the economy the way it is and gas prices going up. Obviously they're in need of a little extra money to get from place to place," says Chaney. More
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