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Should Pawn Shops Be Regulated?

by Prince Of Petworth March 17, 2010 at 9:04 pm 10 Comments

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From a Press Release:

“Councilmember Bowser introduces bills to open government meetings and to regulate pawnshop operations

The “Predatory Pawnbroker Regulation Act” establishes that the Department of Insurance, Securities and Banking will regulate pawn shops like payday lenders and check cashing operations. The bill would cap at 24 percent the interest rate that a pawn shop may charge.

Councilmember Bowser said, “In many cases, people who sell items to pawn shops are down on their luck. These people need protection from unscrupulous practices, so pawn shops should be subjected to the usury law, just like other lenders in the District.”

The “Predatory Pawnbroker Regulation Act” has been referred to Councilmember Bowser’s Committee on Public Services and Consumer Affairs.”

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