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Connecticut Supreme Court: State law limits pawnshops' interest rates
The Connecticut Law Tribune
The Connecticut Supreme Court has issued a ruling that will likely impact how dozens of pawnshops in the state do business in the future. In a lengthy decision, the Connecticut Supreme Court ruled in a majority opinion that state law limits how much interest pawnshops can charge consumers who agree to buy back items they sold to the shops in exchange for loans.
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Father and son buying and selling together for Auburn Pawn shop in Maine
Lewiston-Auburn Sun Journal
Rene Cloutier never pawned a thing before he became a pawnbroker. The businessman from Turner spent more than 20 years operating Ace Custom Homes and grew weary of the physical toll and the need for reliable help. "It was wearing me down," Cloutier said. "It was getting to be too much." So he rented a shop in New Auburn beside Pontbriand's hardware and opened Auburn Pawn in Maine. He knew no one who'd done it, but he figured he'd like the variety of tasks.
EZCORP names Eric Fosse to lead pawn business
GLOBE NEWSWIRE via CNN Money
EZCORP, Inc. announced that Eric Fosse has rejoined the company as president, Pawn and Cash Converters America. In this role, Fosse will lead the company's pawn and buy/sell businesses in the United States, Mexico and Canada. Fosse will report directly to Mark Kuchenrither, the company's president and chief executive officer.
Rare flawless 'Blue Moon Diamond' is on display in Los Angeles
A rare blue flawless 12-carat diamond, one of the world's rarest gems, was the newest attraction at the Natural History Museum in Los Angeles, adding a vibrant sparkle to the museum's gem collection. The "Blue Moon Diamond," was purchased in its uncut rough form for $25.6 million by diamond manufacturer Cora International in February this year, and will be on loan in the Los Angeles museum until January 2015.
Firefighters watch for hot spots after Kansas pawnshop fire
Fire tore through a Leavenworth, Kansas, pawnshop causing plenty of damage, and firefighters say it could have been much worse. The First City Pawn and Jewelry caught fire and it's believed it will be a total loss.
Here's how rich people are using high-end pawnshops
On the surface, asset lending and pawnshop models are extremely similar: The borrower applies to the lender for a loan based on the value of a given asset, and as collateral, hands over that asset to the lender for safe keeping. The borrower then pays back the loan, with interest, and takes back the asset (or doesn't pay, and forfeits their collateral for the lender to sell). In the case of a standard pawn shop, the asset might be a pair of sterling silver cuff links. At Borro, it might be an Aston Martin.
Polk County Sheriff: 2 men arrested in connection with 29 burglaries in Florida
A Polk County, Florida, man linked to 29 open burglary investigations was arrested after spotted on surveillance cameras using a reportedly stolen debit card, the Polk County Sheriff's Office said. Mark Starr, 28, of Haines City, Florida, was charged with grand theft of a firearm, false verification to a pawnbroker, dealing in stolen property and two counts each of burglary and grand theft for his part in a large burglary ring that hit five Polk County towns.
Apple sells 4 million iPhones in 24 hours
Apple said strong demand for its new iPhones has exceeded its initial supply of the devices. Apple began accepting preorders for the iPhone 6 and iPhone 6 Plus in the wee hours of the morning on Friday, Sept. 12. More than 4 million people placed orders during the first 24 hours the iPhone was available, taking down Apple's website for several hours. Apple didn't reveal the total number of preorders.
Guns, jewelry stolen from a Georgia pawnshop
The Augusta Chronicle
Deputies say an Augusta, Georgia, pawnshop fell victim to burglars, losing at least two handguns and six long guns along with jewelry. A man cutting grass called police after noticing a broken window at Hitchock's Jewelry & Pawn, a Richmond County sheriff's report states. The burglar bars in the window were pushed to one side.
4 tips for tracking precious metals
If you advise clients to maintain an allocation to precious metals, you probably monitor economic events that can impact these positions. But while the relationships between macroeconomic trends and the prices of precious metals often makes sense, sometimes relatively obscure, counterintuitive events can move these prices unpredictably.
3.37-carat 'Purple Orchid' diamond to be unveiled at Hong Kong jewelry show
A fancy intense pinkish purple VS2 diamond is being shown to the public for the first time at the September Hong Kong Jewellery & Gem Fair, Sept. 15 – 21. The 3.37-carat gem, named the "Purple Orchid," has an asking price of $4 million, or nearly $1.2 million per carat.
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