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NPA Weekly NewsBrief
June 9, 2009  
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Short-term Lender Cap Could Cut off Last Resort of Many with Low Income
from The Monitor
Without a pawnshop and a gold onyx ring, Patrick Heinaman's grandmother might have missed her daughter's funeral. The short-term loan put the 412-mile trip to Port Lavaca, Texas, within reach. It was costly, but her only option. But Heinaman's grandmother and other low-income borrowers would have a harder time getting an emergency loan of that type if the legislation Congress is considering, which would cap interest rates on all consumer credit transactions, passes. More



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Buyers of Old Jewelry in a New Appeal to Women
from The New York Times
In a television commercial that began showing recently, a woman in her 30s places jewelry into a small box. "Steve — crazy jealous, but very generous," she says, examining a bracelet. Then, putting an engagement ring into the box, she says, "Marty — he just couldn’t get off the fence." The ad — running on cable networks — is for OutOfYourLife.com, a company that mails a "Break-Up Box" that customers return with jewelry, for which they receive a check. More

Gold Slides to Two-week Low on Dollar Strength
from Reuters
Gold tumbled to two-week lows on as weak physical demand reinforced a sell-off triggered by the stronger dollar against the euro. Spot gold was bid at $944.85 an ounce at 1425 GMT, against $955.30 an ounce late in New York. Earlier it touched $943.30, the lowest since May 27. More

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People Flock to Pawnshops
from Independent Online
Laptop computers, Hi-Fis, TVs, sporting equipment and other such luxury goods are among the primary items cash-strapped people are selling and pawning in these difficult financial times. Many pawn shops are seeing an increase in the number of people trying to make some quick cash by parting with their no-longer-needed or non-essential possessions, with some even having to turn customers away because of an overflow of particular items. More

South Carolina Governor Vetoes Payday Lending Industry Restrictions
from The Associated Press via Forbes
South Carolina Gov. Mark Sanford vetoed a bill meant to place restrictions on the payday lending industry. The bill would have capped the amount of each loan at $550. It required a one-day wait between loans for a borrower's first seven consecutive loans, and two days between additional borrowing. It also gave borrowers one day to change their minds and undo a loan. More

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Pawnshop Rebuilds After Gladstone, Mo., Tornado
from KMBC-TV
A business blown to bits by a tornado a year ago is finally back on its feet. Jason Coffey said his new store, Cash America Pawn in Gladstone, Mo., is full of loyal customers and great deals. A tornado in Gladstone in May 2008 destroyed the store. Coffey said he'd received a call that morning from his assistant manager at about 5 a.m., who said, "Our store is gone."More

Congressional Bill Could Put an End to Pawnshops
from The Macon County News
Danny Green is mad and isn’t afraid to let the government know just what he thinks. "People want us. We're not going away. Tell the government," said Green. The manager of Thunder Pawn in Franklin, N.C. Green is referring to U.S. Senate Bill 500, of which he says would virtually wipe out the pawn business. The name of the bill is "Protecting Consumers from Unreasonable Credit Rates Act of 2009." Green said the bill will force pawnbrokers to limit interest rates on the short-term loans they provide to 36 percent, an amount that won’t sustain the business. He is gathering signatures on a petition to be sent to the government, letting them know of the support pawnshops have in the community. More

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VideoBrief
Alleged Jewelry Thief Used Real Name at Pawnshop
from WKRC-TV
Cincinnati Police say they caught a jewelry thief after he left his real name at a pawnshop. John Hunnicut, 43, of Finneytown,Ohio, allegedly stole $15,000 worth of gold jewelry from another man in April, then pawned it at the American Gold Trading Company in Colerain Township. He allegedly got $5,000 for it. More

 

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