Articles About Bill S. 500
Some reporters have taken notice of this new bill, although
it hasn't received as much coverage as it deserves.
Bill S. 500 has the potential to drastically
reduce the number of borrowing options available to Americans in need.
Contact your local news stations and newspapers and make them aware of this bill.
Tell them how it will affect you - don't be shy! For more information about how
to contact your local news,
click here.
List of Articles
04-13-2009
"Not everyone has a bank account to draw on," he said. "Some people wear what they have on their wrists or their necks. Or they have it invested in home entertainment systems. When they need money, those are some of the people we try to help out."
04-12-2009
Pawnshops have to appraise every item and write a contract, he said. They also have to package the items, report every transaction to the police, provide secure warehouse space and insure all of the contents in storage, he said. The shops have to store the items until they are sold and then hope that they can sell them for more than the loan amount, he said...
04-11-2009
"You close a pawn shop, people won't be able to go out and buy their medications, won't be able to pay their copay for the doctors that they have to pay for their children who are sick," says Hoying. "I've had people pawn items so that they could get diapers and baby formula."
04-07-2009
In the midst of a credit crisis, Ill. Senator Dick Durbin is trying cap interest rates on small lines of credit...
04-05-2009
"You’re not going to be able to go to the bank and borrow $100 for baby food or diapers or for prescription drugs,” Street said. "We do a lot of that here, day in and day out.”
04-02-2009
Kuneman says they loan anywhere from $5 to $10,000, and currently have well over 100 items held as collateral, but if the new bill passes the interest they make on the loans simply wouldn't be enough to keep the doors open...
04-01-2009
The idea of the one place where collateral is the only requirement to get cash being regulated out of business is a frightening proposition in a struggling economy. "I think it's a bad deal," said Laughlin. "It's going to basically put them out of business. That's going to affect a lot of people. A lot of people."
04-01-2009
Pawn shops across the country worry this bill could mean the end of their industry. ...
03-31-2009
The Ohio Pawnbrokers Association said a pawn shop's overhead is pretty high because they're holding physical possessions, training employees to appraise the merchandise and writing contracts. It's not the paper that other creditors old. Tansky said that cutting the businesses to 3 percent per month would put them out of business. "Our clients would have no place to go to fulfill the need to get a short-term loan to help them make it through to the end of the week," Tansky said...
03-31-2009
(Video) New bill proposes a limit on the percentage that pawn shop owners could charge to customers when they come in to pawn their belongings.
03-31-2009
Millions of people rely on pawnshops to pay for unexpected hospital bills, car breakdowns, and other unforeseen expenses. If you talk to customers of a pawnshop, they will tell you that pawnbrokers are the only lenders willing to loan them money. In fact, during the great depression, the pawn shop was the only functional lender...
03-26-2009
Sen. Durbin's bill would create a federal rate cap of 36% on all forms of short term credit. Sen. Durbin claims this is "good for the consumer", but he ignores the litany of non-partisan, non-biased studies proving that consumers fare worse when such credit is restricted, as has happened in numerous states recently. He also ignores that fact that almost 100,000 people will be put out of work! Think about that. Here we are in a recession, and Durbin is deliberately proposing to put one hundred thousand people on the unemployment line. SHAME ON YOU, Senator. And yet, how interesting that the one form of credit – bouncing checks – is mysteriously exempt from this new bill. That would create a monopoly in this space for the banks – the same institutions that have shown their altruistic caring for America by utterly destroying its economy in pursuit of subprime mortgages. Oops!
03-17-2009
In the rest of our society, short-term options cost more than long-term options, and no one bats an eye. Is Holiday Inn a "predatory hotel" because it charges $154 per night? Compared with the cost of a year-long apartment lease, Holiday Inn's $4,620 per month looks outright extortionate. You can rent a studio apartment in most cities across America for about $500 per month. Using the same price cap proposed for short-term loans, the $154 room rate should be set a maximum of $16 per night.
