LCI sub: pawnbroker regulations

My LCI (Labor Commerce & Industry) subcommittee is assigned a bill dealing with Pawn Brokers. I have some concerns with this bill:
1-increases limit of 2,000 to 10,000
This increase will be automatically adjusted to inflation, so we won’t need to revisit the limit in future years. I support this increase yet I don’t see a need for a limit at all. Why does government need to tell a pawnbroker how much he can loan? Last time I checked it is the shop’s money and they are taking the risk.
2-gives pawnbrokers ability to loan on titled items
Currently, a pawn shop can loan money on any item unless it is a titled item. This bill would allow the shop to loan money on titled items as well. I would think it would be fair to allow the pawning on anything the shop can impound whether it is titled or not. I support this portion of the bill.
3-requires finger printing & back ground checks
Big bro will get a background check on owners and all employees. Someone that has been convicted of a felon is not allowed to work in a pawn shop. An employer would not be allowed to give someone a second chance. This bill gives you another example the safety squad mentality in the legislature. Protecting you from yourself. Now, don’t you feel better?

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2 Comments on “LCI sub: pawnbroker regulations”

  1. Victor McDade Says:

    Kevin

    I agree that pawn shop owners should not have a lending limit. I do think, however, that every lender should have a maximum rate of interest to protect the poor. I am for free enterprise, but some people are so saddled with debt or need the money for medical treatment or living expenses. These people often have no choice and should not be at the mercy of some who would take advantage of their circumstances.

    I also agree that they should be allowed to lend on titled property. Someone convicted of a felony may well have turned their life around and would deserve a second chance. If they are precluded from working at a pawn shop, there should be some time limit for that or some other means to be allowed to work in that industry.

    I suspect the banking/lending lobby is behind much of this. Thanks for your stand on this bill.

  2. Anonymous Says:

    The bill is a good start, but doesn’t go far enough in restoring freedom to pawnbrokers.

    We should be more freedom oriented with other businesses, as well.


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