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NPA Weekly NewsBrief
April 21, 2009  
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Pawnshops Protesting
from KDAF-TV
An estimated 13,500 pawnshops make loans to approximately 30 million people each year. But just as economic circumstances have begun to compel more people to rely on pawnshops, the industry has found itself under the scrutiny of Washington lawmakers. Pawnshops across the nation are protesting U.S. Senate Bill 500, a proposal that would extend regulation on pawnshops. The measure is supposed to reign in interest rates shops can charge on pawned goods, rates that can reach as high as several hundred percent annually. More

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Pawnshop Resurgence
from WTAP-TV
More people are turning to pawn shops in this economy as a way to get some quick cash. Steve Deem, the owner of Skeet Shaw Jewelry in Parkersburg, W. V., says he's seen a more than 30 percent increase in people pawning items for cash. He says he mostly deals with jewelry, but also sells guns and guitars. More

Visits to Pawnshops Are Up, but Proposed Senate Bill Could Close Them Down
from Auburn Journal
Pawnshops in Auburn and across the country are seeing an increase in traffic spurred by high unemployment and a recession. Some say pawnshops and payday lenders are taking advantage of citizens facing hard times and needing a loan. Others argue that these businesses are the only ones willing and able to lend a hand to those in need with nowhere else to turn. More

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Anticipating Tougher Laws, the Duluth Shoppers Stock Up on Guns, Ammo
from Duluth News Tribune
Since the nation's 44th president took office, Tom Anderson's sales of guns and ammunition have gone through the roof. He owns and operates T & J's Gun N Pawn in Cloquet, T & B Pawn & Gun in Hibbing, both in Minnesota, and Northstar Pawn in Virginia. More

Pawns in the Game
from The Morning News
Pawnshops — where people can get instant cash as they "borrow" against belongings — or other venues used to sell one's stuff, are reporting an upswing in business as many people try to sell what they have to get needed money. The past 12 months have been the best year ever for Decatur Pawn in Decatur, Ark., said owner Robert Mahmens, who opened the business in 2004. More

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Pawnshops Could Close Under New Law
from KRDO-TV
A new bill is aimed to crack down on excessive interest rates and fees charged by payday loans and pawnbrokers, but those businesses say if it's passed they would close up shop. Senate Bill 500, would cap the interest rates charged by these businesses at 36 percent. Right now, some charge as much as 700 percent. More

Pawnshop Gets Assistance from Santa Monica, Calif., City Hall
from the Santa Monica Daily Press
The last pawnshop in Santa Monica, Calif., got a big boost from the City Council when officials approved an interim ordinance that expands the geographical area where such brokers are permitted. The new law allows Angelo's Pawn Shop, to widen its search for a new home beyond what is granted in the zoning code. More

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Turning Bling into Ka-Ching
from Gold Seek
You haven’t worn it since you donned bell bottoms and danced to Saturday Night Fever. Yes, we’re talking about that gold chain that now looks suspiciously like a Mr. T starter-necklace. The one that’s done 30 years in solitary, locked away in a jewelry box. Have you ever thought of trading it for some cash, perhaps to a processor of scrap gold? More

Florida Seeks to Stop Thieves from Mailing in Jewelry
from The Associated Press
The TV commercials make it sound easy: Gather your unwanted gold jewelry, mail it away and get cash in return. But police say thieves also see the ads and are exploiting mail-in jewelry businesses as an easy way to sell stolen goods. Now Florida lawmakers are considering regulations that would require mail-in companies in the state to photograph all jewelry they buy and get ID information from customers who send in valuables. More

 

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