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New York pawn shops considering regulations again

Oct 07, 2012 Quinn Thomas

New York pawn shops considering regulations again
There have been many pawn shops popping up across the country in recent years. This could be because in times of economic uncertainty, many people need alternative means of finance and turn to the companies for short term lending. It could also be explained by the massive popularity seen by reality television shows centered around the industry, like Hardcore Pawn and Pawn Stars.
 However, with this growth has come an increase in crime in the sector. Robbers are trying to get a piece of the pie and have been stealing from shops and getting cash for items they do not own. As such, lawmakers in many areas have started regulating the industry more heavily. Although, not all brokers like some of the rules. Revamp of pawn laws proposed
According to the Albany Times Union, lawmakers in Albany County, New York, will be introducing new elements to formerly proposed pawn shop laws at a County Legislator meeting on October 2. The source said the new version will no longer require pawn brokers to give certain details and pictures documenting every transaction. Owners will still need to record every item that comes into their shops, in the interest of sharing the files with local law enforcement. They will also need certain licenses to run their storefronts, maybe multiple ones if they deal with precious metals as well. However, this is something area pawn brokers may want to keep an eye on. "They have not included several provisions we have consistently asked for from the beginning," asserted Jason Piece, the President of the Albany County Dealers Association, the Times Union noted. Revisited since August
The laws being considered now are a revamp of regulations shot down in August. According to a separate Times Union article, County Executive Dan McCoy vetoed the original proposal, saying that it would place undue burden on businesses. The purpose of the August regulation was to stop stolen goods from being brought into the storefront to begin with. There were strict clauses within Local Law F that required owners to obtain a county license and report each transaction to local law enforcement every day with a high amount of detail, the source detailed. Another option that lawmakers may want to consider is having the police inform local owners about items that have been reported missing, something brokers in the area suggested as an alternative in March.