INDUSTRY NEWS
Local Pawnshop News:
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Knights Pawn recently opened on Hwy 231 just North of the Mall,
Congratulations and good luck!
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New Pawnshop coming to the BEACH soon! (We've heard someone has
applied for a new license on the beach).
News Articles about the Pawn Industry:
Click on the banner below for the latest Newsletter from The
National Pawnbrokers Association, which has links to all the Pawnbroker articles
and latest National news, (archived articles are available as well).
Rate Cap Issue:
Federal Rate Cap Legislation (S.500/H.R.1608 &
S.582/H.R.1640) has been introduced with the unintended consequence of denying a
crucial source of credit to millions of consumers. These bills unfairly target
the Pawn industry which does not practice predatory lending and provides small
amount, short term loans to people who need them the most. Pawn stores are
regulated by State agencies and provide a service for people who don’t have
credit, access to banks or other lending options.
NPA Launches a national media
campaign at the 2009 NPA Convention & Expo
NPA has partnered with the
Washington DC based Government Relations firm, mCapitol Management to
drive the NPA Public Relations agenda for 2009-2010. Senior Vice President
Patrick Murphy heads up the effort with a top-end political agenda and an
aggressive grass roots publicity effort communicating the positive story of
the Pawn industry as well as directly addressing potential Pawn oriented
legislation. In line with the 2009 NPA Convention & Expo's motto
"The Future is Now..." consulting firm 3 Click Media has crafted a New
Media campaign including a Pawn Industry advocacy website, Social Media
outreach including: Twitter, Blogging, SMS Text and other forms of digital
connectivity. Tapping into to Internet Social Media is a portal to 20
million+ unique and engaged people, on their turf and in their comfort zones.
All of these new technologies will feed into the larger public relations
campaign of business journals and other traditional media, to deliver the
unique importance and history of the neighborhood pawn industry. The
combined energies of NPA, mCapitol Management and 3 Click
Media will successfully broadcast the Pawn industry's message and
represent the interests that matter most to the NPA members.
Get the real scoop on this
issue at our Advocacy site:
If you want to
make your voice be heard and support the Pawn Industry. TAKE ACTION by
doing one or all of the following:
Contact your Senators and Representatives
1) Visit
www.votesmart.org. Enter your ZIP CODE to find your Representatives and all
of their contact information.
2) Send an email (suggested format below) to each Representative by visiting
their specific "Web Mail" page.
3) Write a letter (suggested format below) and mail it to each of the
Representatives.
4) Send a Fax to each of the Representatives
5) Call each of the Representatives
SUGGESTED LETTER - FAX -EMAIL FORMAT
Dear Honorable Senators and Representatives:
I am writing this letter to ask that you vote against the following Bills that
could result in the closure of my local pawn store.
S.500 (Title: To amend the Truth in Lending Act to establish a national
usury rate for consumer credit transactions)
H.R. 1608 (Title: To amend the Truth in Lending Act to establish a
national usury rate for consumer credit transactions, and for other purposes)
These bills unfairly target the Pawn industry which does not practice predatory
lending and provides small amount, short term loans to people who need them the
most. Pawn stores are regulated by State agencies and provide a service for
people who don’t have credit, access to banks or other lending options.
It is quite evident that no other financial services would be able to fill the
void left by the disappearance of the Pawn industry.
The average Pawn store customer borrows $80 for 30 days costing $20. Pawn loans
typically range from 30-90 days and include substantial operational expense in
terms of appraisal, storage, insurance, and security infrastructure. The
application of a 36% APR would be devastating in more ways than one. It would
mean the loss of tens of thousands of employee jobs, corresponding license and
tax revenue losses for state and local governments, and, most importantly, the
loss of a convenient, trusted, and vital credit option for consumers.
For further information regarding the Pawn industry or the impact of these
bills, please visit
www.PawnShopsToday.com.
I urge you to vote against these Bills and save the Pawn industry.
Sincerely,
(name, date and contact information here)
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