The Benefits of Working with an Auction House

Mark Campanale Members Only

Sponsored content from Heritage Auction House To make sure your merchandise gets the attention it deserves, it pays to know all your selling options. Auction houses such as Heritage Auctions can be a great resource for you in a number of circumstances. For instance, if you have jewelry in your store that isn’t moving, but it’s too nice to melt, …

CFPB “JUNK FEES”

Mark Campanale Government Relations, Government Relations Updates

1/27/2022 By Fran Bishop The CFPB continues to be in the news with several initiatives including colleges and universities that make loans to their students, and what they call “junk fees” charges by banks and financial companies, credit card issuers. These “junk fees” include penalties for late payments, nonsufficient funds, and account maintenance. Rohit Chopra, Director of the CFPB, also …

TEAM GRC CONGRESS UPDATES

Mark Campanale Government Relations, Government Relations Updates

1/13/2022  The 2nd Session of the 117th Congress has convened. New legislation is being filed and the sponsors of bills already in committee from the previous Session are picking up where they left off in 2021.  As always, NPA’s Team GRC is monitoring all activity in Washington relative to the pawn industry. There will be a GRC webinar on Thursday, January 27 at 4:00pm EST to …

A Secure Way to Buy and Sell Laboratory-Grown Diamonds

Mark Campanale Members Only

SPONSORED CONTENT FROM GEMOLOGICAL INSTITUTE OF AMERICA, INC. The holidays are coming and many consumers are looking to purchase affordable sparkle for loved ones. Make sure you are ready to answer clients’ questions on the quality of your laboratory-grown diamond inventory. Laboratory-grown diamonds are increasingly available in greater quantities, higher quality and new colors at price points that many find attractive. It is no wonder then that …

Be Sure That Your Pawn Store’s Advertising Complies with TILA

Mark Campanale Government Relations, Government Relations Updates

December 9, 2021  TILA (Truth in Lending Act) compliance remains important and is a top priority for the CFPB.   TILA regulates the disclosures you put on your pawn tickets.   Compliance with all disclosure requirements and calculations such as the “finance charges” and “Annual Percentage Rate” (“APR”) is very important.   TILA also regulates how you advertise the terms on which you offer pawn transactions. These are …

Frequently Asked Questions: Compliance with the Military Lending Act

Mark Campanale Government Relations, Government Relations Updates

Updated November 23, 2021  We’re here with answers to NPA members’ recent questions on Military Lending Act (MLA) compliance!   1. How do we determine whether a pawn customer is a “covered borrower” eligible for the maximum 36% Military Lending Act Annual Percentage? Pawnbrokers may use any reasonable means to determine whether a pawn customer is an active-duty service member or a dependent of one. The “check-the-box” is a method many pawnbrokers use. However, any “check-the-box” method does not qualify you for the “safe harbor” …

Assess Gems and Jewelry with Confidence through Continuing Education

Mark Campanale IP Insight

SPONSORED CONTENT FROM GEMOLOGICAL INSTITUTE OF AMERICA, INC. Gems and jewelry are perhaps some of the most high-value objects that you see at your store every day. Knowing their value can ensure that you don’t over-pay for collateral and can also help you spark the interest of jewelry clients, giving them confidence in what they’re purchasing, thus increasing your bottom line. There are often stories of clients paying for “costume …

Frequently Asked Questions: Compliance with the Military Lending Act

Mark Campanale Government Relations, Legislative Updates & Alerts

Updated November 23, 2021  We’re here with answers to NPA members’ recent questions on Military Lending Act (MLA) compliance!   1. How do we determine whether a pawn customer is a “covered borrower” eligible for the maximum 36% Military Lending Act Annual Percentage?   Pawnbrokers may use any reasonable means to determine whether a pawn customer is an active-duty service member or a dependent of one. The “check-the-box” is a method many pawnbrokers use. However, any “check-the-box” method does not qualify you for the “safe harbor” …

36% Rate Cap Bill filed in the U.S. House of Representatives

Mark Campanale Government Relations, Government Relations Updates, Legislative Updates & Alerts, Rate Cap

On November 15, 2021, H. R. 5974 the Veterans and Consumers Fair Credit Act was introduced by Rep. Jesus G. “Chuy” Garcia, (IL-D-4). Although the text is not yet publicly available for NPA’s Team GRC to review, the intent of the bill is to amend the Truth in Lending Act by extending the 36% APR of the Military Lending Act …

Full Disclosure at Your Fingertips

Mark Campanale IP Insight

SPONSORED CONTENT FROM GEMOLOGICAL INSTITUTE OF AMERICA, INC. Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.   The Growing Popularity of Laboratory-Grown Diamonds  Laboratory-grown diamonds are increasingly available in greater quantities, higher quality and new colors at price points that many find attractive. It is no wonder then that laboratory-grown diamonds are a growing presence in the marketplace, with more and …

Protecting Your Business and the Pawn Industry Following the CFPB’s Military Lending Act Enforcement Action against First Cash/Cash America West, Inc.

Mark Campanale Government Relations, Government Relations Updates

November 16, 2021  The NPA has reviewed the CFPB’s Military Lending Act (MLA) enforcement action against First Cash, Inc./Cash America West, Inc. that we informed you of on November 12, 2021, and is following pawnbrokers’ questions and comments on various forums. It is important for all NPA members to take these steps to protect your businesses:  A CFPB civil investigative demand (CID) may be based on just one consumer complaint. A CID is a complicated and expensive …

CFPB Commences Military Lending Act Enforcement Action Against  FirstCash, Inc. and Cash America West, Inc. 

Mark Campanale Government Relations, Government Relations Updates

November 12, 2021  Earlier today, the CFPB filed an action in Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The CFPB previously ordered Cash America International, Inc. to halt its practices against military families, which prohibited Cash America and its successors from violating the MLA. As FirstCash is a successor to Cash America it is subject to that order.   The CFPB …

Tips and Tricks for Type 02 FFL Holders This Holiday Season from Armslist.com

Mark Campanale IP Insight

SPONSORED CONTENT FROM ARMSLIST.COM With the holiday season fast approaching, competition is going to be fierce.  Boost sales with these tips and tricks:   Get Visible!  Advertising your shop and your wares is a great way to increase sales, and foot traffic!    There are many venues that still allow you to advertise that you have firearms for sale.  Everything from billboards, to newspapers, to local …

Pawnbrokers and Banks

Mark Campanale Government Relations

11/11/21 by Fran Bishop, NPA Government Relations Liaison, NPA Past President What immediately comes to mind? We hope it is not ’The Good, The Bad, and The Ugly.’ That is what NPA needs to know so we are asking you to complete a brief survey about your PPP loan experience.   Recent articles in banking publications extoll the positive relationships between banks and small businesses. Their surveys reflect how their …

Pull Your Weight!

Mark Campanale Members Only

11/4/2021 by Fran Bishop, NPA Government Relations Liaison, NPA Past President MOST OF US HAVE SEEN THE CARTOON DRAWING of one or two individuals pulling a wagon that has a crowd of people riding in it. You can probably apply that visual message to a variety of circumstances, whether it’s in the workplace, school, clubs, associations, etc. I did an …