Official Publication of the National Pawnbrokers Association
2014 NPA Legislative Conference
Red Flags Policy Dealer in Precious Metals
Annual Compliance Update
Musical Instrument Gift Day 2013
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Message from the President
Is Your House in Order? It’s our annual compliance issue
Don’t let the busy holiday season get in the way of making important choices for your business.
today, and show your support for the pawn industry.
Mark your calendar now! Each year, NPA sponsors a Legislative Conference in Washington, DC. This event is one of the most important things the association does. We need you to be there on April 9, 2014. NPA will set up meetings with your Members of Congress and their staff. The NPA Government Relations Committee starts out the conference with a briefing that provides the background you need for your visits. You will be supplied all the necessary talking points and handouts so that you are ready to hit the ground running. After the visits to Capitol Hill, we will reconvene for a debriefing and dinner. Not only is this an important time for you to meet with your Members of Congress, but it is a great time to network with fellow pawnbrokers and leaders in the industry. You can lay the groundwork for the Legislative Conference now by contacting your Congressperson before April. When you arrive in Washington, DC they will already know you. Pressing flesh, making eye contact, and finding connections is what will make a difference when the time comes to act. Advocacy is critical to the future of the pawn industry. If Congress doesn’t know who we are before we need them, we have to work twice as hard to educate them when the need arises. I am so thankful to be a part of this industry and to have the opportunity to lead the NPA. This holiday season, remember all the reasons you became a pawnbroker and have fun with your staff, family, and friends. Happy holidays!
Do you review all of your compliance programs on an annual basis? Is your Red Flags policy up-to-date? Do you understand when a Form 8300 must be filed? Each year, National Pawnbroker brings you a compliance update from Bob Frimet (page 12). The article provides information on the most important areas to review. Don’t start the New Year with headaches or even worse, a fine for noncompliance. It is also time to review your security policies and procedures. With more shoppers in your store and busy holiday schedules, security becomes a bigger issue this time of year. Reviewing security policies with your staff will help everyone work as a team. This issue of the magazine has two articles with tips to help keep you, your merchandise, and your staff safe (pages 37 and 51).
Another item on your to-do list is to renew your membership with NPA. Membership is more than a sticker on your door. It means that you are dedicated to standards of excellence in our industry. It means that you want to know what is going on in Washington, DC, and that you are ready to step up when we need to fight for the industry. It is our collective presence that makes us strong. No one can do it alone. The next year will continue to bring improved services, education, and communication from NPA, in addition to our first class government relations work. Please renew your membership
Ben Levinson NPA President
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Table of Contents
highlights 2014 NPA Legislative Conference
3 save on pawn expo Save up to 50% on Pawn Expo registration. 3 LaBor Law posters Receive free federal and state labor law posters — a $59 value!
Musical Instrument Gift Day Page 15 Time to Renew Your NPA Membership!
Renew now for 2014!
1 4 6 9 21 52 58 12 40 10 21 25 46 47 48
April 9, 2014
stay More iNforMed
3 Know what LegisLation May affect your Business Receive email alerts of pending legislation affecting the pawn industry. 3 stay coMpLiant Learn how to keep your stores in compliance with federal regulations.
3 read aLL aBout it Keep up with important news by reading
National Pawnbroker magazine and Vendor Spotlight More NPA Insider. to Assay 22 on Wheels your Business Sense coMMuNity gift day 3Selling onfrom Amazon 26 Join hundredsMedia of pawnbrokers across the country and donate cash and musical instruments for Musical Are Phone 29 Instrument Gift Day. Books Obsolete? 3 Learn Leadership sKiLLs Volunteer for a committee. It takes a lot 3 MaKe a difference Understanding Jewelry of people to keep an association running34 Contribute to the Future Business smoothly, and your help is needed. Leaders Scholarship Fund and help students succeed.Loss Or, nominate an Theft Minimize 37 and eligible recipient. 3 write an articLe Read about pawnbrokers who have successfully navigated obstacles. Share 3 share your expertise Security 38 and Safety Tips your story. Become a mentor and share your knowledge with those who are new to the industry. 25 Awesome Things 42 3 grow our infLuence Encourage others to join the association. There is power in numbers! Spot a Potential Thief 51 Special Events 2014 NPA Legislative Conference 9 Pawn Expo 2014 33 Calendar of Events 59 Index of Advertisers 60
Get More iNvolved
30 | NatioNal PawNbrokers associatioN | Fall 2013
Official Publication of the National Pawnbrokers Association
2014 NPA Legislative Conference
10/28/13 3:08 PM
Annual Compliance Update
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In this Issue Message from the President Message from the Executive Director Government Relations Government Relations Update 2014 NPA Legislative Conference Rally Congress Policy Statement: Online Interstate Pawn NPA PAC Compliance Federal Compliance Check Up NICS News Member News New Members 2014 NPA Annual Awards Pawn PR 101 State Association Contacts PawnFyNdR.com State News Member Spotlight Seth Gold: Paying it Forward Community Involvement Gift Day 2013 FBL Donors
$$$ save More MoNey
Get More froM your
Red Flags Policy Dealer in Precious Metals
Musical Instrument Gift Day 2013
Time to take a close look at your compliance requirements with our annual compliance update article. Page 12
10/29/13 8:04 AM
National Pawnbroker is the official publication of the National Pawnbrokers Association (NPA), and is published quarterly. No part of this publication may be reproduced without the written consent of Dana Meinecke, NPA Executive Director. Sale or distribution of any or all of the contents of this magazine is prohibited. All rights reserved. For more information on advertising or to obtain additional copies of National Pawnbroker, call (817) 337-8830 or send an email to Chris@NationalPawnbrokers.org. For membership information, email Margie@NationalPawnbrokers.org. EDITOR’S NOTE: This publication is designed to provide accurate and authoritative information on the subject matter covered. It is provided and disseminated with the understanding that the publisher is not engaged in rendering legal or other professional services. If legal advice is required, the services of a competent professional should be sought. © 2007-13 National Pawnbrokers Association: PO Box 508, Keller, TX 76244 • (817) 337-8830 •NationalPawnbrokers.org EDITOR: Chris Pearcey, NPA Communications Specialist, Chris@NationalPawnbrokers.org; DESIGNER: Carla L. Butz
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message from the executive director
Here come the holidays! Looking forward to the new year
The holiday season is about giving. The NPA provides two opportunities for members to give back through our community relations program.
On December 6, 2013, the NPA is celebrating its fifth annual Musical Instrument Gift Day, when pawnbrokers from across the country will make generous donations to help children in need have the opportunity to play musical instruments. We have once again teamed up with The Mr. Holland’s Opus Foundation. This non-profit’s mission is to keep music alive in our schools by supporting under-funded music programs. They help youngsters receive the many benefits of music education. To give the gift of music to children who otherwise wouldn’t know the joy of learning to play a musical instrument, please go to GiftDay.org.
Another way to give back is by supporting the Future Business Leaders scholarship fund (FBL). FBL provides assistance to students continuing their education after high school. Donations from member pawnbrokers and industry partners have allowed us to present $115,000 in scholarships since 2003. This past month, we have received over $10,000 for 2014 scholarships. Help a deserving student follow their dream. Consider a donation to this worthy cause! Do you know a worthy student in need of financial assistance? Visit the NPA website for the scholarship application.
And We Have a Winner!
The NPA sent out two short surveys to members. Your answers will help us improve our services and help the board of directors make important decisions for the association. Each person who completed a survey had the chance to win a prize. GRC Survey—In September, NPA’s Team GRC sent out a short survey. We drew at random from those who answered the survey and Johnny Frederick, H & F Pawn in Killeen, TX won a free NPA 2014 membership for one of his stores. Pawn Expo Survey–In October, a survey was sent to pawnbrokers who did not attend Pawn Expo 2013. We drew at random from those who answered the survey and Franklin Gerlach, Diamond Gem Lending Co, Portsmouth, OH won a complimentary Pawn Expo 2014 registration. More short surveys will be coming your way. We need feedback from you, the member. You are the reason the NPA exists, and we need your input keep our products and services on track. Please take a few moments to respond.
Dana Meinecke NPA Executive Director
Each year, NPA recognizes the best in our industry. See page 21 for information on how to nominate a person or company for these prestigious awards.
The NPA staff wishes you a joyous and prosperous holiday season. We look forward to serving you in the New Year!
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It is all about communication!
There is one constant when it comes to success, whether it is in business, sports, relationships, or anything else you are involved in, you must have clear communication. Can you imagine meeting sales goals without communicating those goals to your sales team? Do you think you would be able to reach those goals without making sure the team knows what is expected of them every step of the way? What kind of relationship would you have with your significant other if you didn’t communicate your likes, dislikes, hopes, and dreams with him/her? I can’t imagine a football, basketball, or baseball team at any level being successful without the coaching staff communicating to the players exactly what is expected of them. You already know how to do this, or you wouldn’t still be in business. Now, apply your communication skills at the grassroots level to address legislative and regulatory issues.
Where to Start
Grassroots advocacy, as with so many things, is based on strong communication. Your contact with and education of your local and state legislators and regulators is the key to NPA’s success at the federal level. We simply can’t do it without you. You can start by educating members of your city council about the pawn industry Make sure that they know who your customers are, i.e. their constituents! Find ways to communicate to them what we do and how we do it. Have they ever been into a pawn store?
Invite them to your store so they can see first hand what it’s like to write a pawn loan. Teach them how important we are to their constituents. How do you think most of the current politicians sitting in office at the state or federal level got elected? They started by running for a local office and climbing up the ladder to greater success. My former Congressman was a state representative and state senator before he ran for Congress. Now he’s back home running for Governor.
The Federal Charter
Independent pawnbrokers, are facing a huge battle in Washington, DC. The passage of HR 1566, a Federal Charter bill, would allow the large, nondepository lenders to offer credit products nationwide, without state or local licensing and with no requirement to comply with state or local laws. NPA’s Government Relations Committee (Team GRC) has been following this bill in its various forms since its inception and will continue to monitor its progress. You will receive updates through email and our magazine. Imagine what would happen to your business if a federally chartered megaprovider popped up across the street from you or started targeting your customers with internet lending promotions on terms you aren’t allowed to offer. The fact is that if the Federal Charter bill passes, these large companies will open up without regard to local zoning restrictions, signage regulations, or moratoria on new pawn licenses. I think you get the picture. It would not be conducive to building your
Tim Collier NPA GRC Chair
The passage of HR 1566, a Federal Charter bill, would allow the large, nondepository lenders to offer credit products nationwide, without state or local licensing and with no requirement to comply with state or local laws.
(Continues on page 58)
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2014 NPA Legislative Conference April 9, 2014 Washington, DC
From Your Doorstep to Capitol Hill Don’t let anyone else walk in your shoes!
Your participation in the NPA Legislative Conference is vital to the success of the NPA Government Relations program. The conference is designed to build and reinforce relationships between you, the constituent, and your Members of Congress and their staff. Your participation helps create a greater understanding by Congress of the important role the pawn industry plays in serving the financial needs of Americans.
The NPA member rate is $279 per night. For reservations call (800) 263-9802 and mention the NPA Legislative Conference to receive the special rate. Hamilton Crowne Plaza 1001 14th St NW, Washington, DC 20005
What Should I Expect?
NPA works with attendees to set up meetings with elected officials. Support materials and talking points are provided. A briefing and breakfast will be held on Wednesday, April 9, at the hotel before attendees go to their meetings. From there, attendees will meet with Members of Congress and their staff, then return to the hotel for a dinner and debriefing. Following is a recommended schedule for your planning purposes: April 8 – Travel day to Washington, DC April 9 – Legislative Conference and dinner April 10 – Travel day from Washington, DC For more information, please contact Matthew Church at Matthew@NationalPawnbrokers.org or (817) 337-8830.
It is important that I get to be the one telling my story about the pawn industry to my Representatives and Senators. I am not eloquent, or even especially personable, but I do care greatly about my business and my industry, and that makes a tremendous difference when talking to a lawmaker or their aide. I get to speak about working the pawn counter. I get to tell the stories of the good that we have done and how our business works, with firsthand actual accounts, not just some bullet points or buzzwords. I am not a “representative” of the industry speaking to them. To me, and hopefully to the people I speak with, that makes all the difference. It conveys the genuineness of my statements, and the pride that I take in being a pawnbroker. ~Raphael Tincher, Ted’s Pawn Shop, Cincinnati, OH
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National Pawnbrokers Association New Member Listing As of October 4, 2013
SE Loan and Pawn Ketchikan
Scottsdale Loan Company Scottsdale
American Jewelry & Pawn Pueblo
TP Pawn dba Platinum Pawn Tampa Midtown Pawn Boutique Miami Palm Coast Pawn & Jewelry Palm Coast
Progressive Pawn Alma The Pawn Zone Hawkinsville
A Quality Pawn & Jewelry Des Moines Pawn King Davenport
Alexander’s Jewelry & Loan II Mchenry
Depot Enterprises DBA Southern Pawn Brookhaven
J & S Gold & Diamond Exchange Olympia Fields
82 Pawn Columbus
Pawn King 8 Stores: East Saint Louis Collinsville (2) Decatur East Moline Jacksonville Peoria East Moline
TomCats Pawn 2 Stores: Bloomington Bedford
Tri-State Pawn & Jewelry Ashland
New Jersey Barry’s Jewelry Loans East Brunswick
Trina Thomas Lincoln, NE Marcus Dolph New Market, ONT
New York HV Pawn of Middletown Middletown
Norwegian Pearl SA Santo Domingo, Dominican Republic
New York Loan Co New York
CashSol Roatan Pawn Shop Roatan, Honduras
DJL Jewellery & Loan Toronto, ONT
Diamond & Jewelry Buyers Tulsa
Reflections Jewelry Milwaukee
Pawn King Saint Louis
Christy Johnson Lincoln, NE
Grupo Elektrafin S.A. De C.V. Mexico City, Mexico
Reliable Pawn Shop Sumter
Mega Pawn 4 Flint
Yousef Kashani Los Angeles, CA
National Firearms Dealer Network Scottsdale, AZ TJS Boston, MA SRW International New York, NY Esha Jewels New York, NY
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Federal Compliance Check Up It’s that time of year
Time to clean out your compliance closet, dust off the old antimoney laundering program and make sure you are following all the rules so that you will be on the nice and not the naughty list for the holidays.
Beyond the usual filing requirements for pawnbrokers and dealers in precious metals, there are now electronic filing updates. All Form 8300s must be filed electronically in accordance with the Bank Secrecy Act (BSA). After you register, get a PIN, and file your forms, you must keep a hard copy of the form on file for no less than five years. To register and receive directions on how to use the system, go to bsaefiling.fincen. treas.gov/main.
The Federal Trade Commission (FTC) oversees the Red Flags Rule. The rule applies to financial institutions and creditors according to FTC guidelines. It’s important to look closely at how those terms are defined because they apply to groups that might not typically use those words to describe themselves. In general, if you deal with covered accounts you will be required to comply, even if you’re not a credit-based company. Whether your business or organization is a financial institution or creditor isn’t based on the line of work you’re in, but rather on whether your activities fall within the definitions in the law. In its simplest form, the Red Flags Rule was written to ensure that those business-es that gather confidential data such as social security numbers, state identification numbers, dates of birth, etc. have a reasonable policy in place to protect and secure customer data.
Your policy must include reasonable procedures to identify any red flags for identity theft you may run across in the day-to-day operation of your business. Red flags are suspicious patterns or practices or specific activities that indicate the possibility of identity theft. For example, if a customer has to provide some form of identification to open an account with your company and presents fake identification, that would be a red flag and you would need a procedure in place to handle the situation. Your policy must be designed to detect the red flags you’ve identified. If you’ve identified fake identification as a red flag, you must have procedures in place to detect possible fake, forged, or altered identification. Your policy must spell out the appropriate actions you’ll take when you detect red flags. Finally, because identity theft is an ever-changing threat, you must address how you will re-evaluate your policy periodically to reflect new risks from this crime. A few of the questions that need to be answered in your policy include: • What type of transactions do you perform? • How do you share the data? • How do you secure the data? • How do you destroy the data? • How do you recognize red flags and prevent identity theft? If you don’t have a program in place you need to do this now. The deadline for compliance is long past (2009). If Santa finds out you haven’t set up your program, that’s one strike on the naughty list and the possibility of up to a $10,000 fine.
Robert Frimet, CAMS Robert Frimet is Managing Member of RMF Consulting Group and is a Certified AntiMoney Laundering Specialist (CAMS). He has served the pawn, check cashing, payday, title, and other industries since 1991. Mr. Frimet offers compliance services nationwide and may be reached at (702) 596-8370 PST or at Bob@ checkconsultants.com.
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Many of you have heard of the Consumer Financial Protection Bureau (CFPB), a.k.a. big brother’s big brother. Among other things, this agency looks at credit based products and collections activities and makes sure that all credit regulations are followed. The FDIC oversees the Truth in Lending Act (TILA) which was originally Title I of the Consumer Credit Protection Act, and is also known as Regulation Z. TILA was designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost and also to standardize the manner in which costs associated with borrowing are calculated and disclosed. When and if the CFBP ever starts auditing pawn stores, it will look closely at your disclosure documents. We know that consumers rarely read the disclosures, but whether they read it or not, your company must provide the document. In brief, you must disclose your APR, the amount financed, the amount due, total number of payments due, and the dollar amount the credit will cost the consumer. You must also disclose any fees or application charges as part of the APR. The agreement must disclose any pre-payment penalty, right of recession, and other items. Text for major elements must be in at least a 12 point font. The APR must be within 1/8 of 1 percent to be considered valid disclosure of the APR you’re charging. There must be specific boxes for these items. Failure to dot an “i” or cross a “t” can lead to large civil penalties.
Your company is required to follow federal tax law, which begins with the Internal Revenue Code (IRC), enacted by Congress in Title 26 of the United States Code. One of the provisions under Title 26 requires filing a Form 8300. There are four triggers that may cause you to file a Form 8300. Additionally, you will have to notify your customers under certain conditions.
Cash in—If a customer makes a purchase that exceeds $10,000 cash in to your location, you are required to file a Form 8300 on the transaction. So, if that customer comes in to purchase a shiny new Rolex and pays $11,000 cash, you need to file a Form 8300 on that customer within 15 days of the date of the transaction. As a pawnbroker, you will never fill out a form for cash out, only cash in, no matter what the circumstance. For example, if you purchased the same Rolex, it is considered cash out and no Form 8300 need be filed.
2 Related transaction—A bit trickier, a related
transaction is defined as any transaction that occurs over a 24 hour period that would equal more than $10,000 cash in. For example, if the customer comes in today and purchases a woman’s Rolex for
(Continues on page 54)
Pawn and Precious Metals Compliance IRS Compliance Audit Guidance Check Cashing and Payday Loan Turnkeys
Serving the pawn community since 2005
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Give the Gift of Music
NPA members support music education www.GiftDay.org
On December 6, 2013, the National Pawnbrokers Association (NPA) is celebrating its fifth annual Musical Instrument Gift Day, when pawnbrokers from across the country make generous donations of musical instruments to organizations in need. Last year, the NPA worked with the Mr. Holland’s Opus Foundation (MHOF) to donate funds and new and gently used musical instruments to Rowan Middle School in Jackson, MS. MHOF is a non-profit program which provides new and quality refurbished instruments to under-funded music programs. These programs lack the resources to keep up with equipment loss and have a waiting list of students who have to share instruments. Due to the overwhelming success of the partnership with MHOF, the NPA will be working with the organization again this year. NPA members will have the opportunity to make cash or instrument donations directly to MHOF to be used for a deserving school’s music program. Donating instruments or funds is tax deductible and is a great way to support the NPA’s community service efforts while promoting a positive image of the pawn industry.
Have you been spreading the joy of music?
How to Donate
We know that NPA members often hold their own musical instrument donation drives, and the NPA would like to highlight the great work that pawnbrokers are doing in their communities.
1 Ship high-quality, new or pre-owned musical instruments directly to MHOF. 2 Make cash donations directly to MHOF on behalf of NPA Gift Day. Your contribution will be converted into musical instruments. Go to GiftDay.org for more information.
Please send a detailed summary of your musical instrument donation efforts along with photographs to info@GiftDay.org, and we’ll post them on the website. Share with the world all of the charitable work that is being done by pawnbrokers like you!
2013 Gift Day Recipient We are excited to announce that the 2013 Gift Day Recipient is Lee High School in Huntsville, AL. The school is located in a lower income community, and 76 percent of the students at the school receive free or reduced lunches. It is the only performing arts magnet high school in the district. While the school’s graduation rate is at 68 percent, 100 percent of the students participating in instrumental music are graduating! The school’s instruments are decades old and need replacing. With your help, MHOF will be able to help this school create more music.
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Paying it forward
Seth Gold with American Jewelry and Loan, and one of the stars of truTV’s “Hardcore Pawn,” took time to visit with National Pawnbroker about some things other than being a star. National Pawnbroker Magazine (NP): Tell us why you are a member of NPA. Seth Gold (SG): In addition to the extensive support and resources from NPA at the national level, there is still a focus on delivering information and assistance for issues at the local level by the staff. With their help over the past few years, we have been able fend off legislation that would have had a negative effect on the industry. I also appreciate the increased focus that the NPA has on the upcoming generation of pawnbrokers. It was such a great honor to serve on a panel alongside Jordan Tabach-Bank and Lauren Kaminsky at this year’s Pawn Expo. We’re fortunate to be a part of the broader vision for the future of pawnbroking. When I accepted my Pawnbroker of the Year award at the NPA annual meeting during Pawn Expo 2013, I mentioned how much I’ve learned by working alongside my family. The mentoring and education that I’ve received through my affiliation with the NPA is second only to the education I’ve gained as a fourth generation pawnbroker.
Seth Gold, Lauren Kaminsky, EZ Pawn Corp, and Jordan Tabach-Bank, Beverly Loan Co., served as panelists at Pawn Expo 2013.
NP: You’re involved with many community service projects at the local level. Will you tell us about some of them? SG: There’s no doubt that increased visibility creates a larger platform which allows us to draw attention to some of the most pressing needs in our community. Whether it’s serving as auctioneers, donating behind-the-scenes experiences, or hosting events at the store, it’s truly gratifying to help our community in real and meaningful ways and give back. For example, winters are extremely harsh in Detroit and a lot of our customers struggle with heating their homes. We partnered with THAW: The Heat and Warmth Fund, which is a local organization that offers assistance to people who can’t keep their heat turned on. In February 2014, we’ll have our second Hardcore THAW event at the store and expect to welcome over 300 guests to raise over $30,000 for the cause. I’m also proud to be a founding supporter of Wigs for Kids, a local charity that helps support children who suffer hair loss as part of their treatment of chronic diseases such as cancer. It’s tremendously rewarding to work to support these families as they face the unimaginable challenge of a sick child.
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This commitment to community service isn’t exclusive to our family’s business, of course. In fact, most of the pawnbrokers that I know similarly believe in the importance of supporting the communities where they live and work. Philanthropy is a big part of the pawnbroker culture. NP: Talk about your experience when you attended the NPA Legislative Conference. SG: I’ll admit that the thought of attending a Legislative Conference on Capitol Hill sounded intimidating at first. But the real experience is anything but intimidating. It’s actually very empowering and rewarding. The NPA does a great job of setting up faceto-face meetings with legislators who make decisions that directly impact our business. This conference provides pawnbrokers with the opportunity to articulate their concerns without pre-conceived notions or stereotypes. The NPA prepares attendees with key talking points and insights ahead of time, so no one should ever feel like they’re unable to have their place in the conversation. If you want to network with the best minds in the industry and really raise your knowledge of pawnbroking as a business, then attending this conference is definitely the right step. NP: You’ve done publicity events at pawn stores nationwide. What is that like?
A Family Business
Fathers and sons pose for a photo at Pawn Expo 2013. From left to right: Les and Seth Gold, American Jewelry and Loan, Detroit, MI; Bob and Greg McCullough, Pawn Plus, Macomb IL; Nick and Nicolas Fulton, USA Credit Corporation, Ridgeland, MS.
SG: Typically, pawn store owners host an event and partner with a local charity whereby both parties benefit from the merchandise and in-store sales. It’s thrilling to see lines of people come out to meet me and grab a photo or an autograph as they do business. At the same time, they have the opportunity to give back to the local community. It is always exciting to meet with fans of the show, particularly in a pawn store setting. These appearances have all been really successful collaborations. In addition to meeting fans, it’s a great opportunity to network with fellow pawnbrokers and see the way that they run their stores. Folks like Bob McCullough, Nick Fulton, Michael Mack, Perry Lewin, Bruce Fortier, Ben Levinson, and others who have created some really successful businesses. I enjoy seeing their operations in person and hearing about what does and doesn’t work for them. It allows me to keep my finger on the pulse of the industry. NP: Talk about the importance of being involved in the industry on a larger scale. SG: American Jewelry and Loan is unique in a lot of ways, but fundamentally, we face the exact same macroeconomic and legislative concerns that (Continues on page 53)
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Thank You FBL Donors
Future Business Leaders Scholarship Fund
Your generous donations to the Future Business Leaders scholarship fund (FBL) will provide over $10,000 for students in need! FBL scholarships are available to pawn customers, families and employees. If you know a student who is interested in applying for a $1000 scholarship for higher education, the application is located on the NPA website, NationalPawnbrokers.org. 1st American PawnL & S Pawn Shop Southlake, TX ABC Jewelry Sterling Heights, MI Acme Pawn Jonesboro, GA Alan’s Jewelry & Pawn Asheville, NC All American Pawn Sparks, NV American Jewelry and Loan Detroit, MI Batesville Gun & Pawn Shop Batesville, MS Best Collateral-Central Services Novato, CA Best Deal Pawn & Gun Columbia, SC
Big Daddy’s Pawn Shop Little Rock, AR Bill’s Pawn & Jewelry Store Valley Station, KY Bill’s Pawn Shop El Dorado, AR Bonded Loan Office Columbia, SC Brown’s Jewelry & Loan Co Rosemead, CA California Pawn Shop Hanford, CA Capital Pawn Salem, OR Cash Exchange Clinton Township, MI Cash Exchange Pawnshop Chicago, IL Cash Loan/South City Pawn South San Francisco, CA Crazy Louies I Eden, MD Crown Pawnbrokers Washington, DC Dad’s Super Pawn East Pascagoula, MS Dan’s Pawn-St Andrews Panama City, FL
Dynasty Jewelry & Loan Ltd Norcross, GA Express Cash Pawn Oklahoma City, OK Fulton Loan Office Atlanta, GA General Refining Corp Hempstead, NY GiftCardBin Sacramento, CA Gold Mine Pawn Shop Daphne, AL Herman’s Pawn Shop Collinsville, IL Holley’s Pawn Store Daphne, AL Hudson’s Pawn & Gun Jasper, AL Jerry’s Jewelry & Pawn Shelbyville, KY Jery’s Pawn Hope Mills, NC Jessup’s of New Smyrna New Smyrna Beach, FL (Continues on page 44)
18 | National Pawnbrokers Association | fall 2013
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Rally Congress: The easy way to contact your Members of Congress
2014 NPA Annual Awards
Nominations due by April 1, 2014
http://act.nationalpawnbrokers.org The Rally Congress section of the NPA website will allow you to support NPA’s legislative efforts so that the pawn industry has a coordinated, united message to our Senators and Representatives. Three easy steps! 1. Go to the Rally Congress web page. Click on the red button that says “Take Action.” 2. Review the letter that NPA has provided for you. Make changes if necessary, and enter your contact information. 3. Review your letter one last time. Click the red “Send Letters” button, away it goes! You’re finished!
Pawnbroker of the Year
The NPA Pawnbroker of the Year Award is presented annually to an individual who, through his/her performance, has demonstrated exceptional success in their business and local community and has made a significant contribution to the pawn industry during the previous year.
Industry Partner of the Year Award
The NPA Industry Partner of the Year Award is presented annually to the NPA Industry Partner member who, through their performance and dedication, and has shown significant support of the Association and its members.
Charles R. Jones Lifetime Achievement Award
The Charles R. Jones Lifetime Achievement Award recognizes an individual who, through his/her outstanding leadership and efforts has gone above and beyond and made a significant and lasting impact on the pawn industry over the course of their pawnbroking career.
Nomination forms will be available on the NPA website in January. Contact Dana Meinecke at (817) 337-8830 or Dana@NationalPawnbrokers.org with questions. Nominations must be received at the NPA office by April 1, 2014 by mail to PO Box 508 Keller, TX, 76244; by fax to (817) 337-8875; or by email to Dana@NationalPawnbrokers.org. The Nominations and Awards committee is responsible for reviewing all submissions and selecting the winners. Awards will be presented at Pawn Expo 2014 in Las Vegas. “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” – John Quincy Adams
Fall 2013 | National Pawnbrokers Association | 21
10/30/13 8:35 AM
Once a Pawnbroker Always a Pawnbroker
Q&A WITH CHRIS NOYES OF ASSAY ON WHEELS®
National Pawnbroker magazine spoke with Chris Noyes, owner of Assay on Wheels® (AOW), to find out more about his precious metal processing vehicles and his relationship with the pawn industry. NATIONAL PAWNBROKER (NP): Tell us about Assay on Wheels®. CHRIS NOYES (CN): AOW is a fleet of full service, patented, mobile assaying vehicles. We come to your place of business to melt and assay your metals right in front of you. We are quick, safe, and convenient and we take the guesswork and mistrust completely out of the process. You get to watch your metals being melted, witness our equipment getting calibrated before every transaction, and you get paid on the spot. You leave with cash in hand or have funds wired to your bank account. You can even put your metals into an open pool. NP: What problem are you solving for pawnbrokers? CN: Your time is valuable, so we make the process fast, safe, secure, and easy. You gain peace of mind not shipping precious items through a mail carrier, and our turnaround is faster, allowing cash flow whenever needed. NP: When did you start the company? CN: I came up with the idea in 2010 and began the patenting process. We launched the company in January of 2011. We have just been issued our first patent. There is no one like us out there! NP: How do you address security concerns? CN: Obviously, I can’t go into too much detail, but I assure you we have taken great measures to ensure the safety of our clients and in almost three years, we have never had a problem. Our unmarked, fully armored Sprinter vans are indistinguishable from any other Sprinter on the road. Only the client knows what is going on inside, and both the interior and exterior are under constant video surveillance. NP: How did you come up with the idea? CN: I have a background in the pawn industry. I cofounded and developed a standard pawn store that matured into the largest in the tidewater region of Virginia. I thought to myself, “I wish someone would come to me to process metal rather than me having to send it out and then chasing down my payment.” So, I separated from the pawn store, and pursued my idea.
NP: What type of businesses do you work with? CN: We work with anyone who has a gold buying license and is USA PATRIOT Act compliant. We have also done business with dentists, check cashing businesses, and coin collector shops. We only work with legitimate businesses and do not do retail buys. NP: What makes you a good fit for the pawn industry? CN: I always say, “Once a pawnbroker, always a pawnbroker.” I get what you are looking for. We have a patented business model and a team of respectable, educated, and honest employees. NP: What are your plans for the future? CN: We plan to begin purchasing diamonds and offering payment in the form of bullion and coins. NP: How do customers know they are getting the most money for their metals? CN: Our analyzing process uses state of the art X-Ray Fluorescence to capture the elemental make up of precious metals. You can be sure you are getting an accurate reading because we take pin samples from your molten lot to ensure a homogenous sample. We give you payout on exactly what you have. NP: Where are you located? CN: We currently have ten mobile units spread across the Eastern US from NY to FL. Give us a call to find out if we are in your area. If we are not currently in your area, we will be soon. We will announce any new service areas on our website. NP: What are three tips for getting a better return on metals? CN: First of all, watch the market. Test metals with an earth magnet. This will save you in the long run. Finally, know what you have. You should have an idea of what you should be paid before ever starting a payout process on metals. NP: How can people contact you? CN: For any questions or to set up an appointment visit our website, www.assayonwheels.com, or call our main office (888) 351-0346. Feel free to contact me at email@example.com.
22 | National Pawnbrokers Association | Fall 2013
10/24/13 11:23 AM
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10/24/13 10:47 AM
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Pawn PR 101 A quick reference public relations guide for the pawn industry.
PR Talking Points • Pawn businesses are heavily regulated and licensed by state and local governments •
Pawn loans are usually small, short-term loans with a national average loan amount of $150. Pawn loans have no negative credit effect
• Pawn businesses are governed by the 13 primary federal statutes and regulations that apply to financial institutions • Pawn loans keep borrowers out of a debt cycle, as opposed to other forms of non-bank lenders
When in doubt, call in the professionals. NPA has extensive knowledge of how to handle any PR or journalist’s requests. If you are not comfortable or don’t clearly understand the angle of the interview or news piece, you should refer the journalists to NPA. Additionally, NPA can brief you on how to handle questions about current events and hot button issues. For media inquiries or statements please contact: National Pawnbrokers Association Dana Meinecke, NPA Executive Director P.O. Box 508 Keller, TX 76244 Phone: (817) 337-8830 Fax: (817) 337-8875 Email: Media@NationalPawnbrokers.org
• Pawn stores can lend to anyone, use collateral to secure a loan, and never pull a credit report • With a pawn loan, there is never an obligation on the part of the borrower to repay the loan, nor is there ever an adverse effect on one’s credit rating in the event of default • Pawn transactions are routinely transmitted to local law enforce ment, which dramatically decrea ses the likelihood that a thief would bring stolen merchandise to a pawn store • Less than one-tenth of one percent of pawned items are reported as stolen
For up-to-date information about the pawn industry, please visit: PawnShopsToday.com
10/28/13 2:56 PM
Selling Media on Amazon.com An ever-changing proposition
by Bob McCullough, Pawn Plus, Macomb, IL email@example.com
Selling media on Amazon.com has been profitable for our business for several years. However, as with everything in life, change happens. I’m not saying we don’t still make a profit with Amazon.com, but it has become much more difficult.
While Amazon.com has the legal right to restrict what is sold on their site, sellers have no way of knowing that an item is restricted until they go through the process of posting it. In the past, we scanned the barcode on an item and would get the price and the selling rank on Amazon.com. This allowed us some certainty that we could turn the item in seven days or less and allowed us to pay customers a higher price. Now, we can see the price and the rank, but we may not be able to sell the item on Amazon.com. For example, I found that Amazon.com restricts some 20,000 DVD and Blu-ray titles. I have always used a third party to manage the listings and orders associated with Amazon.com. My choice has been AMan Pro by Spaceware, spaceware.com. It appears that third party software, including AMan, is unable to warn that your product cannot be sold on Amazon.com.
I have found a workaround to avoid wasting time posting restricted items. If you log into your
Amazon.com account and attempt to list from there first, you will get a warning if the item is restricted. It adds another step, but in the long run it saves some time. In addition, we’ve noticed that that almost all titles by HBO or Warner Brothers are not allowed. We watch for items produced by the two studios and have greatly reduced the amount we pay for them. The problem is that some of these titles will be allowed for a short time and then restricted without explanation. Another challenge is that denied items may be listed by other resellers. Amazon.com claims the items were listed before they were restricted or that some sellers have been approved to sell these items. If you ask to be an approved seller, Amazon.com customer service says they are not approving new sellers of these items. The Amazon.com seller forums are loaded with threads about this very issue and no one is 100% sure just what is going on. To combat the issue, I am looking for another listing service at a cost that is reasonable for my company’s size.
Amazon.com’s most recent notice for items it will not list: The product you attempted to create a page for is currently suppressed so that it will not appear on our website. Because of this, it is ineligible for Amazon.com Marketplace selling. Products are suppressed in the Amazon.com.com catalog for numerous reasons. For example, Amazon.com prohibits the sale of illegal and offensive products. (For more information, please review our policy pages on Prohibited Content and Restricted Products.) In addition, products may be suppressed at the explicit request of artists or manufacturers.
26 | National Pawnbrokers Association | fall 2013
10/28/13 2:59 PM
Precious Metals & Refinery
Spoons & Forks Holloware
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www.hitechpmr.com 10/24/13 10:48 AM
An Eco Clean-Up Pro Reliable Jewelry Steam Cleaner
• Stainless steel tank • Boiler Tank Lifetime Warranty • Four safety systems • 1.25 gallon capacity provides up to 6 hours of continuous steam • Uses only tap water — healthier and friendlier to environment
Our craft may be hundreds of years old, but the tools keep getting better. Keep jewelry looking brilliant and ready for holiday shoppers with this high-quality steam cleaner.
For expert advice on getting the most out of this tool, call the Stuller Tools Tech Line at 800-877-7777 ext. 4300.
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10/24/13 10:49 AM
Are Phone Books Becoming Obsolete? Consider changing your marketing mix
For generations, pawnbrokers have relied on traditional forms of marketing with a heavy focus on phone book advertising, a method costing from $100 to several thousand dollars per month. With the changes in the way that customers look for financial services, the phone book marketing strategy is quickly dying.
Goodbye Yellow Pages
Statistics show that phone book publishing and readership has declined recently. Even the publishers’ trade group has become less print-centric, changing its name in 2012 from the Yellow Pages Association to The Local Search Association. It’s clear that this trade group understands that phone books are on the decline and customers are moving to online local search. The phone book industry has printed fewer phone books since 2002. The most dramatic decline was from 15 billion printed phone books in 2009 to roughly half the amount, 7.4 billion, in 2011. Industry-wide spending on printed phone book ads has fallen by half since 2007. Phone book companies are offering advertising platforms that compete with companies such as Google.
Pawnbrokers are often enticed into expensive online marketing packages offered by their local phone book representative to augment the print ads. While online phone book ad revenue has grown by 70 percent in the last four years, it is still less than one third the size of the print directory business. Fewer people see phone book ads, fewer phone books are printed, and more demands are placed on each advertising dollar. However, there has been little to no reduction in ad rates. These changes in the industry have forced pawnbrokers to question the value of phone book advertising. 3 CLiCk Media recommends that you continue advertising in printed phone books but reduce the amount you spend, based on the following information: • There are still people who use printed phone books! There is typi cally heavier use in rural and subur ban areas. • There is not an either/or solution. • Small, local independent directory companies have been successful, even as some of the larger, better known yellow page companies have faltered. These companies may have a regional reach that the large na tional brands can’t offer. • Old habits die hard. Older consum ers continue to use print directories at a much higher rate than younger consumers. • If you have decided that print ads are no longer delivering, advertising on an online phone book website could be worthwhile. It’s easier to assess the return on investment of online advertising in most cases.
Emmett Murphy 3CLicK Media Emmett Murphy presented information on the changing landscape of marketing at Pawn Expo 2013.
fall 2013 | National Pawnbrokers Association | 29
10/29/13 11:00 AM
$$$ Save More Money
GET MORE FROM YOUR
3 Save on Pawn Expo Save up to 50% on Pawn Expo registration. 3 Labor Law Posters Receive free federal and state labor law posters â€” a $59 value!
MEMBERSHIP Renew now for 2014!
stay More informed
3 Know What Legislation May Affect Your Business Receive email alerts of pending legislation affecting the pawn industry. 3 Stay Compliant Learn how to keep your stores in compliance with federal regulations.
3 Read All About It Keep up with important news by reading National Pawnbroker magazine and NPA Insider.
3 Gift Day Join hundreds of pawnbrokers from across the country and donate cash and musical instruments for Musical Instrument Gift Day.
get More involved
to your community 3 Make a Difference Contribute to the Future Business Leaders Scholarship Fund and help students succeed. Or, nominate an eligible recipient. 3 Share Your Expertise Become a mentor and share your knowledge with those who are new to the industry. 30 | National Pawnbrokers Association | Fall 2013
3 Learn Leadership Skills Volunteer for a committee. It takes a lot of people to keep an association running smoothly, and your help is needed. 3 Write an Article Read about pawnbrokers who have successfully navigated obstacles. Share your story. 3 Grow Our Influence Encourage others to join the association. There is power in numbers!
10/28/13 3:08 PM
Have More Influence 3 State Your Opinion Send a letter to your federal elected officials using Rally Congress, an online communication tool. 3 Connect with Congressional Leaders Meet with legislative representatives at the annual Legislative Conference in Washington, DC. 3 Become a Public Relations Expert Learn to communicate with the media with the Pawn PR 101 public relations guide.
get More Exposure
3 Reach Customers Customers will find your store with your free store listing on PawnFyNdR.com. The listing also includes a Google map with directions. 3 Get Verified Add the NPA Verified Member Seal to your website for quick and easy access to your storeâ€™s information.
Renew now for 2014!
NPA helps your business be MORE successful
To keep receiving these essential benefits, renew your membership online at NationalPawnbrokers.org/Renew by December 31.
Fall 2013 | National Pawnbrokers Association | 31
10/28/13 3:08 PM
Dear Pawnshop Owner, How much money would you be willing to take out of your pocket, lay down on a table, and walk away from forever? Better yet, how much money would you allow someone else to keep, when it is money that is rightfully yours? Would you sell your pawn business for less than it is truly worth? My name is Steve Stallcup, President of Stallcup Group. The primary goal of my company is to ensure that our clients never leave money on the table when selling their pawn business. When it comes to negotiating a sale, the only tactic that matters are numbers – detailed analysis-driven data that a buyer can’t negotiate against, because it’s fact. And when facts are presented to show the true value of your pawn business, more often than not the buyer’s initial offer is revealed to be far lower than what you deserve. With more than 17 closings comprised of 61 pawnshops for a combined total of more than $125M, we’ve put real money in the hands of owners just like you. Our proprietary financial modeling, fact-based analysis and years of industry experience level the playing field for our clients, and maximize the selling price of their business. Take a look at at a few examples below, and how we’ve achieved $250,000; $1M; $2M+ more than what buyers are offering our clients for their pawn business. That’s real profit that would have been left on the table if those owners hadn’t called us.
Stallcup Group’s Impact on Initial Sales Offers: EXAMPLE 1:
5 million $
Examples shown represent the financial impact Stallcup Group achieved for the business owner from initial offer to final closing. Initial offer and final closing are not necessarily from the same buying entity. Examples are actual closings, and transaction details are withheld for confidentiality purposes.
If you’re in the market – or just weighing your options – to sell your business, I would appreciate a few minutes of your time. Our conversation will be completely confidential, and free of any obligation or risk. You can only sell your business once; make certain you are recieving the true value for your pawn business. At Stallcup Group, We’re On Your Side. Respectfully, Steve Stallcup President, Stallcup Group
Stallcup FP.indd 32
10/24/13 10:49 AM
MARK YOUR CALENDARS to attend
Pawn Expo 2014 July 8-10
THE MIRAGE | LAS VEGAS, NV
10/30/13 8:36 AM
Understanding Jewelry MJSA: The leading source for jewelry-making expertise
Jewelry represents a significant segment of pawn transactions and as you know, a successful transaction requires more than just an appreciation of precious metals and gems. Knowledge of how a piece of jewelry is assembled and the ability to evaluate its craftsmanship and quality is vital.
MJSA, the U.S. trade association for jewelry makers, designers, and related suppliers, is dedicated to advancing this type of knowledge. Since its incorporation in 1903, MJSA has followed the same mission: to provide the information and support needed by jewelry makers, designers, and suppliers to achieve professional excellence. Our 1,450 member companies employ more than 50,000 skilled workers, and they are a diverse group. They range from high-volume manufacturers to independent artisans; from single-person trade shops to global suppliers of tools and equipment; and from custom designers to jewelry retailers. MJSA’s community includes renowned experts in areas such as alloying metals, treating gems, and
As a NPA Industry Partner, MJSA is offering NPA members three special opportunities: • Receive a free three-month trial subscription to the MJSA Journal • Purchase an annual subscription to MJSA Journal at half price ($23.50) • Receive a free copy of the 2014 Buyer’s Guide print edition Call (800) 444-MJSA, ext. 3025 or email firstname.lastname@example.org for more information.
using the latest tools and technologies. Our members know how to create and sell beautiful jewelry and, even more important, they’re willing to share that information. In addition, the association has built strong connections with legislative and business contacts outside the industry who will help with questions about federal and state compliance, or laws related to the buying and selling of jewelry.
MJSA Journal: Every month, readers turn to MJSA’s award-winning monthly magazine for the latest technical insights, bench tips, fashion trends, and business and marketing insights. MJSA Expo New York: Our flagship trade show displays jewelry making at its finest. The 2014 Expo will take place March 9-11 at the Hilton New York. Our exhibitors cover all areas of the industry—metal and gemstone suppliers, tool and equipment manufacturers, refiners, assay specialists, and everthing in between. It also offers an expert education program that delivers, in clear, concise presentations needed insights into the latest trends, technologies, and best practices. MJSA Buyer’s Guide: Available both in print and online editions, this resource provides comprehensive listings of jewelry-making tool supply and service providers, all of whom have agreed to abide by the MJSA Code of Ethics. It also offers valuable articles on how to make the best purchasing decisions. MJSA Compliance Guides and Updates: MJSA publishes several members-only guides that explain, in plain English, how to meet federal, state, and industry standards and regulations. MJSA also keeps members updated about pending regulations by email. For more information contact MJSA Membership Manager Travis Searle at (800) 444-MJSA (6572), ext. 3024, or email@example.com, or visit MJSA.org.
34 | National Pawnbrokers Association | fall 2013
10/30/13 10:03 AM
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www.whitepinesales.com 10/24/13 10:50 AM
Garrett is what they use. ÂŽ
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George "KG" Wyant
Treasure is what they find. You may have seen Tim "Ringmaster" Saylor and George "KG" Wyant on TV. The stars of the reality detecting show "Diggers" are known to get a little crazy when they make an exciting discovery with their metal detectors.
But the boys from Montana are dead serious when it comes to the brand of detectors and pinpointers they trust: Garrett Metal Detectors. Powerful yet affordable. Made in America for 50 years!
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Garrett_NP_fall_2013.indd 1 Garrett FP.indd 36
(Above) Some of Tim and George's impressive coin finds.
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10/4/2013 2:39:24 PM 10/24/13 10:50 AM
Minimize Loss and Theft NSSF has Member Benefits to Help
by Glenn Sapir, NSSF Director, Editorial Services
A lost or stolen firearm is a matter of serious concern to the firearms industry. Fortunately, the number of firearms lost or stolen from Federal Firearms Licensees (FFLs) is a small fraction of all firearms made or imported into the U.S.—only about 0.15 percent, according to data from a June 2013 Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) report. The National Shooting Sports Foundation® (NSSF®) is the trade association for the firearms industry and helps prevent the theft of firearms in a number of ways.
NSSF supports law enforcement by matching ATF’s reward for information leading to the arrest and conviction of those responsible for crimes related to the theft of firearms from a licensed firearms retailer. Not only does NSSF post the reward, but it also publicizes the theft and the reward offer through its communications network to raise public awareness.
NSSF members receive discounts on items that help with firearms security. Display Solutions of Topeka, a designer and manufacturer of custom store fixtures and displays, offers secured gun cases designed to work in conjunction with existing security systems. These gun cases secure hand guns and long guns against theft during non-business hours and power failures while eliminating the need to move firearms back and forth from store showcases to a security safe off of the sales floor. NSSF members receive discounts on two or more secured gun cases. Professional burglary, particularly smash-andgrab thefts, is one of the most serious threats firearms retailers face today according to FlashFog. The company provides a crime-deterrence system that deploys dense smoke making it more difficult for criminals to steal. NSSF’s retailer members receive generous, custom-priced discounts.
Ensuring the honesty of your staff is crucial. Running background checks on prospective new employees is always advised, particularly for firearms retailers. IntelliCorp provides a wide range of employment screening products to help make better hiring decisions. NSSF members can register for a special package of services exclusively available to them. Firearms retailers have a strong economic incentive to protect their inventory. It is impossible to sell a product that has been lost or stolen. The combination of legal record keeping and reporting requirements, supported by voluntary responsible business practices, has effectively kept firearms losses and thefts from FFLs to a minute level. If you are a NSSF retailer member, consider purchasing the discounted crime-deterrent products offered as a benefit of membership. Members and prospective members should also visit the NSSF website, nssf.org, and pay special attention to the “Retailer” section. There, you can view the video, “Take Stock—In Your Store and Firearms Inventory.” This video focuses on the importance and benefits of conducting firearms inventories. NSSF’s mission is to promote, protect and preserve hunting and the shooting sports, and to fulfill that mission, NSSF has similar goals for its retailer members: to promote, protect and preserve their business. Not a member of NSSF? Contact Bettyjane Swann, NSSF director, member services, at firstname.lastname@example.org, (203) 426-1320 ext. 237.
fall 2013 | National Pawnbrokers Association | 37
10/28/13 3:16 PM
Security and Safety Tips
Ensure that you have a safe and prosperous holiday season
by Tony Gallo, Sapphire Protection, sapphireprotection.com
The holiday season is a fun, exciting, and often challenging time for the majority of us. To take as much stress as possible out of this time of year, it is important to plan ahead and be prepared in both our professional and personal lives.
Challenges and Opportunities
We can expect this holiday season’s customers to be careful with their spending. This means they will be looking for discounts and values, and it makes it a perfect time to be a pawnbroker. The holiday season is also a good time to provide customers with short-term lending opportunities. It is the time when all of our efforts during the year to enhance our customer service and build relationships with our shoppers should manifest into sales and loans. However, as shoppers are lured into stores with the promise of big bargains and discounts, so too are thieves who want to take advantage of the increased activity and holiday distractions. While customers are shopping, criminals are hard at work trying to capitalize on any store safety and security lapses. Financial stress often drives individuals who normally would not participate in shoplifting, burglaries, smash and grabs, or armed robberies to consider attempting these crimes.
How to Prepare
Security and safety awareness are especially critical during this otherwise joyous and busy time of year. Following are three key concepts to focus on
that will help everyone have a safe, secure, and happy holiday season.
• Make sure everyone is trained in standard security operating proce dures so you are ready when some thing happens. • Provide a refresher before each holiday season. • Prepare associates to deal with in creased traffic. • Take extra care when training new or seasonal personnel.
• Methodically follow your store se curity policies and procedures to the letter of the law, and do not deviate. • Don’t unlock the doors until the money and jewelry have been secured. • Make cash deposits more often if needed. • Keep the safe and jewelry cases locked when not in use. • Secure any outside merchandise to prevent theft. • Check your building before entering the store to see if there are any signs of a break in. Robbers have been known to break into a store without setting off the alarm system and wait for personnel to enter in the morning. • Always have an associate look for any unusual activities in the parking lot when opening and closing the store. • Provide good customer service to all customers. • Make sure you and your personnel know how to use the alarm system in case of an emergency.
Tony Gallo Sapphire Protection Tony Gallo is the Director of Sapphire Protection and has over 30 years of experience in the loss prevention, audit, safety, and risk/ emergency management fields. For 17 years, Tony was the Director of Loss Prevention and Safety for EZCorp, which has over 1,300 pawn stores and financial loan service locations. Contact Tony at tony@ sapphireprotection.com.
(Continues on page 43)
38 | National Pawnbrokers Association | Fall 2013
10/28/13 3:18 PM
Successful Multi-Store Operators run CompuPawn! The Brand to Trust. The Brand to Help you Grow. CompuPawn Pawnshop Client
Number of Stores
Years Using CompuPawn
Selling Price in the past 18 months
Mexico-based Client Colorado-based Client Texas-based Client Las Vegas-based Client
29 stores 17 stores 17 stores 11 stores
9 years 15+ years 20+ years 10 years
$ $ $ $
47,500,000.00 46,000,000.00 42,000.000.00 34,500,000.00
SOLD SOLD SOLD SOLD
CompuPawn stores are better run, better organized, more efficient, highly profitable, and SELL for MORE!! That’s just one reason to move to CompuPawn. Whether you want to sell your stores or keep them, CompuPawn has a proven track record of making our customer’s stores worth MORE! There must be a reason for that. Just ask Craig McCall, A CompuPawn customer for 10 years, who has sold a combined 23 Stores: “We have been able to successfully grow our stores and a key element in our growth has been using CompuPawn. We rely on them for data integrity, reporting and compliance at all levels. They continue to be our strategic partner and we value their 30 years of success in serving the pawn industry. We didn’t want our IT in the hands of any other software product. We considered other vendors, but we have chosen to use CompuPawn now and in the future” Our customers have spoken loud and clear, CompuPawn is more than a software system. CompuPawn is a brand that delivers multiple benefits. The CompuPawn brand enables our customers to achieve their business goals and objectives. In 2013, we will continue to work diligently and intelligently to make CompuPawn your primary business vendor and partner. Why wait? It’s time to grow. Invest in the future. Call CompuPawn today.
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NPA 2013 Real Estate Style Ad.indd 1 CompuPawn ad.indd 39
Gold Pawn Shop
We Buy GOld
P A W N
1/8/2013 10:08:17 AM 10/24/13 10:52 AM
Valuable information for FFLs
NICS E-Check 2.0 One of the valuable tools you can use to maximize efficiency is the NICS E-Check. We try to handle all incoming transactions as efficiently as possible; however it is not always possible to avoid hold times on the telephone. Even during those times of unprecedented transaction volume, the NICS E-Check has still run efficiently with an average wait time of less than two minutes once the transaction was initiated. The NICS E-Check was upgraded on July 16, 2013, and now provides a much more user-friendly experience in navigating firearm checks. The FFL and/or manager now receives administrative controls, which include the ability to create and modify employee NICS E-Check accounts. The NICS E-Check 2.0 does not require a digital certificate to be downloaded to your computer. This makes it easier to use the NICS E-Check from any browser using a computer, laptop, tablet, smart phone, etc. You simply log in to the NICS E-Check using a username and password. Visit the NICS E-Check website at www.nicsezcheckfbi.gov to view the NICS E-Check users’ manual and begin the enrollment process. Changes to Form I-94 Effective April 26, 2013, the Department of Homeland Security began automating the Non-U.S. Citizen admission process. A non-immigrant alien lawfully admitted or paroled into the U.S. is no longer required to be in possession of a preprinted Form I-94. A record of admission printed from the Customs and Border Patrol website, www.cbp.gov, constitutes a lawful record of admission.
Section Enhancements Recently, the NICS Section implemented an enhancement to allow FFL License types to conduct a variety of checks allowable under their license per the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). The NICS Section was inadvertently limiting purchase types in a limited amount of cases. This system change resulted in a change to the NICS Contracted Call Center script that you are used to hearing. Please read below for additional details.
Type 01 (Regular Gun Dealer) FFLs There are no processing changes. The only change is that you will hear a different script than what you may be accustomed to. Previously, you were asked for the type of firearm. Now you are asked for the type of transaction and firearm. Please simply advise the call center representatives (CSR) that the transaction is for a “sale of long gun,” “sale of a handgun,” or “sale of other.” The CSR will repeat the information back to you as confirmation.
Kim Brown NICS Section FFL Liaison Specialist email@example.com
Type 02 (PawnBroker) FFLs There are no processing changes. The only change is that you will hear a different script than what you may be accustomed to. Previously, you were asked, “Is this transaction a pre-pawn, redemption, or sale?” Now, you will be asked for the type of transaction and firearm. The CSR will repeat the information back to you as confirmation. Please note that you still have access in the NICS to conduct all of your normal types of transactions. Nothing has changed other than how you are being prompted by the CSR to initiate the check.
(Continues on page 56)
40 | National Pawnbrokers Association | fall 2013
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550 South Hill St., #1329, Los Angeles, CA 90013 | Toll-free: 866.337.7464 Cell: 213.999.0237 | Fax: 213.622.6612 | E-mail: firstname.lastname@example.org Website: www.thetrendz.biz Member National Pawnbrokers Association Member California Pawnbrokers Association Trendz FP.indd 41
10/24/13 10:52 AM
25 Awesome But Underrated Things About Being a Pawnbroker by Lou Tansky, Uncle Ben’s Pawn Shop, Cleveland, OH
Thank you to INSTOREMAG.COM for the inspiration for this article.
1 Selling that first piece of jewelry to a 13 year old boy (or girl) for his first girlfriend (or her first boyfriend).
Having people think all pawnbrokers are rich and successful. They are wrong, but it feels good anyway.
Being the hit of the party. How many times have you heard, “Do you ever watch Pawn Stars or Hard Core Pawn. Is that real?” Running into people you know (usually customers) on the street, in a restaurant, while shopping, while pumping gas—all over town! Thinking about all the folks that squeal with delight opening gifts that came from your store.
13 Seeing really cool stuff around you all day long. 14 Never knowing what will walk through those
doors at any minute.
15 Hearing the stories; oh the stories! 16 Being able to hold tens of thousands of dollars
worth of diamonds in your hand.
6 Making someone’s day by stretching that pawn
just another ten dollars.
17 Knowing that you are one sale away from an awe some day as long as the door is open.
Helping young men pick out engagement rings when they are so terrified they can barely speak.
Seeing all the fake jewelry in the room.
18 Getting to be the first to see all the latest gadgets. 19 Did I mention my wife has the nicest jewelry in
Knowing that you and your wife always have the nicest jewelry at any party.
20 Getting wedding invitations, wedding pictures, and thank you notes from your customers.
10 Saying, “I remember when I sold your dad
(grandfather, brother, uncle) his engagement ring twenty years ago.”
Feeling proud of being a second, third, or fourth gen eration professional pawnbroker.
12 Being in this business for the right reasons—
21 Never having a dull moment. 22 Hearing great gossip. 23 Feeling the trust people place in you. 24 Helping educate your customers. 25 Working in one of the greatest professions
ever invented, and getting paid to do it.
42 | National Pawnbrokers Association | Fall 2013
10/29/13 10:03 AM
LED Strip Lighting
business sense (From page 38)
Security and Safety Tips Safety
• Remember that you, your personnel, and your customers are your store’s most valuable asset, so never take chances with safety! • Keep the aisles clear of merchandise to avoid accidents. • Make sure your associates are reminded of the proper way to lift merchandise, use ladders, and prevent physical injuries while stocking shelves and helping customers with their purchases. • Repair or report any unsafe conditions, including any inside or outside lights that are not working.
Take Care of Yourself
Remember, we work to live not live to work, so take time to enjoy and appreciate the holiday season. • Make sure to spend holiday time with family and friends while still operating your business. • Take advantage of your store’s bargains. • If possible, get involved in the community to help others. • Smile! A smile uses fewer muscles than a frown, so relax and enjoy the holiday season. Best wishes for a very safe and prosperous holiday season!
The perfect solution for a great many applications. Use it in showcases, for back lighting, window displays, channel and narrow area lighting. Features: • Consumes 80% less energy. • Can be cut to length. • Dimmable feature. • Color matched diodes.
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Fall 2013 | National Pawnbrokers Association | 43
10/29/13 1:51 PM
Community Involvement (From page 18)
Thank You FBL Donors K & K Loans Buckhannon, WV Larry’s Jewelry & Pawn Florence, AL Larry’s Super Pawn Warren, OH Lee’s Pawn & Jewelry Saint Louis, MO Leo Marks Jewelers Toledo, OH Loln Square Pawnbrokers New York, NY Loan Star Pawn Irving, TX Longhorn Cash Athens, TX M & M Pawnshop Corp Houston, TX Magazine Pawn Shop New Orleans, LA Martin Kirschenbaum New York, NY
Ohio Loan Co Dayton, OH
Silver Dollar Exchange Meridian, MS
Old South Pawn Macon, GA
Snooky’s Pawn Shop Charlottesville, VA
P & J Pawn Shop Dallas, TX
Springfield Pawn & Loan II Springfield, OH
Paradise Pawn Shop Melbourne, FL
Sumpter’s Jewelry & Collectables Charlotte, NC
Pawn Max Macon, GA Paymaster Pawn and Jewelers Rockford, IL People’s Pawn Shop Columbia, SC Pine Ridge Pawn & Jewelry Naples, FL Provident Loan Society of NY New York, NY
Midwest Exchange Bloomington, IL
PS6 dba Dan’s Discount Jewelry Richmond, KY
Mister Money of Greeley #35 Greeley, CO
Quick Cash Pawn Burlington, NC
Monster Pawn Bloomington, IL
Royal Loan San Diego, CA
National Pawnbrokers Association Keller, TX
Santa Barbara Loan & Jewelry/Himelsein Santa Barbara, CA
New England Pawnbrokers Fall River, MA
Saumil Diam-Munic Gems New York, NY
Northside Pawn Shop of AL Phenix City, AL
Scott’s Jewelry & Pawn Alabaster, AL
THS Sporting Center dba The Hock Shop Port Huron, MI Tom’s Pawn & Wholesale Jewelry Murfreesboro, TN Treasure Coast Jewelers & Music Vero Beach, FL Uncle Ben’s Pawn Shop Cleveland, OH Uncle Dan’s Pawn Gun & Archery Elizabethtown, KY United Precious Metals Alden, NY Van’s Pawn Mart Macon, GA Waipahu Hawaii Pawn Honolulu, HI Wellston Pawn Warner Robins, GA Westside Loan Office Los Angeles, CA
44 | National Pawnbrokers Association | fall 2013
10/26/13 1:18 PM
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toll free 888-657-8665 www.nationaljewelerssupplies.com
fall 2013 | National Pawnbrokers Association | 45
10/24/13 4:39 PM
State Pawnbroker Association Contacts As of October 2013
Manera Branstetter President Alabama Pawnbrokers Association manera@ best-pawn.com
Tim Collier President Arkansas Pawnbrokers Association hogtim@ windstream.net
Diane Taylor President California Pawnbrokers Association email@example.com Kim Andosca Executive Director California Pawnbrokers Association (209) 786-5115 firstname.lastname@example.org
Tim Lanham Colorado Pawnbrokers Association tlanham@ mmi-corp.com
Jay Sargent President Connecticut Pawnbrokers Association email@example.com
Jessica Barakat DC State Contact firstname.lastname@example.org
Tom Howard President Florida Pawnbrokers Association thoward@ wwjpawn.com
Robin Tummons President Kansas Pawnbrokers Association hsofstuartltd@ yahoo.com
William Howell President Missouri Pawnbrokers Association stljewelryandloan@ yahoo.com
Rob Lauer Government Relations email@example.com
Kelli Neafus KY State Contact firstname.lastname@example.org
Kevin Macdonald President Mississippi Pawnbrokers Association kevin@ momentumpawn.com
Ben Levinson GA State Contact ben_dynasty@ comcast.net
Kerry Rainey LA State Contact email@example.com
Edward Bean President Massachusetts Pawnbrokers Association suffolkjewelers@ gmail.com
Johnny Whiteside Pawnbrokers Association of North Carolina kpshop2000@ hotmail.com
Bruce Kaiman NE State Contact firstname.lastname@example.org
Richard Dan HI State Contact email@example.com
Lynden Miller IA State Contact moneyandmoreic@ gmail.com
Kelly Swisher President Illinois Pawnbrokers Association arlingtonloan@ sbcglobal.net
Greg Engstrom President Indiana Pawnbrokers Association gregengstrom@ hotmail.com Ron Stempkowski Executive Director Indiana Pawnbrokers Association (219) 261-3173 firstname.lastname@example.org
Rick Sussman President Maryland Pawnbrokers Association email@example.com
Seth Gold MI State Contact seth@ americanjewelryonline. com
Roger Weinreich NH State Contact firstname.lastname@example.org
Erminia Drobkin NV State Contact erminia@ pioneerloan.com
Mark Aubrey MI State Contact tonyaubreysr@ gmail.com
Michael Mack NV State Contact email@example.com
Eric Modell President Collateral Loanbrokers Assoc. of NY eric@ modellfinancial.com
Michael Strauss MN State Contact uptownpawn@ gmail.com
46 | National Pawnbrokers Association | Fall 2013
10/28/13 3:26 PM
state News OH
Lou Tansky President Ohio Pawnbrokers Association lou@ unclebenspawnshop. com
Tommy Frederick OK State Contact tommyfrederick@ soonerstatepawn.com
Earl Oller President Oregon Pawnbrokers Association firstname.lastname@example.org
Stanton Myerson PA State Contact email@example.com
Vince Santoscoy TX State Contact vince@ loanstarpawn.com
Scott Frye RI State Contact firstname.lastname@example.org Janis Feazelle President South Carolina Pawnbrokers Association email@example.com
Glen Coronis President Tennessee Pawnbrokers Association gcoronis@ usmoneyshops.com
Peggy Roden Executive Director Texas Association of Pawnbrokers (972) 506-0203
Larry Nuckols President San Antonio Pawnbrokers Association firstname.lastname@example.org
Mike Katsanevas UT State Contact email@example.com
Nancy Cejudo WA State Contact firstname.lastname@example.org
Greg Baer WI State Contact
Brent Kalafat President West Virginia Pawnbrokers Association kalamoreconsulting@ yahoo.com
John Mason WY State Contact lincolnwaypawn@ msn.com Some states do not have an NPA representative. If you would like to volunteer to be the state contact for one of these states, please email Dana@ NationalPawnbrokers.org
This document is protected by copyright National Pawnbrokers Association, © 2013. All rights reserved. Reproduction in any form of any portion of this document and any attachments or accompanying materials is strictly prohibited without the express written consent of the National Pawnbrokers Association.
The NPA’s online member directory
Need to find fellow NPA members’ stores in the US? Search for them on PawnFyNdR.com.
You can search by city/state or use the toggle button and search by zip code. Each month PawnFyNdR.com is populated with the store name, address, phone number, and website of all current NPA pawnbroker members across the country. Potential customers will be able to find your store on the website, so be sure we have the correct information for your business. PawnFyNdR.com can be accessed directly, or from the NPA website (NationalPawnbrokers.org.)
PawnFyNdR.com Q & A Q: I am an international member. Why isn’t my store listed? A: At this time, only pawn stores located in the US are listed on the website.
Q: I just joined NPA. How soon will my store be listed? A: The website is updated around the 15th of each month. Look for your store after that date.
Q: My store has moved. How can I change the address? A: Contact the NPA office at (817) 337-8830 or send an email to Connect@NationalPawnbrokers.org.
fall 2013 | National Pawnbrokers Association | 47
10/26/13 1:32 PM
State Association Updates Whatâ€™s going on across the Country?
Tim Collier, President Arkansas Pawnbrokers Association email@example.com Republicans hold a majority in both houses of the 89th General Assembly of the Arkansas State Legislature for the first time since reconstruction, and they made many changes. The Arkansas Pawnbrokers Association was able to address several overdue concerns. Although we were not able to eliminate out-ofstate gold buyers, Act 1213 added language to the existing precious metals act that requires a precious metal buyer to either have a permanent place of business or join an association or partnership that is already registered as a buyer of precious metals. The passage of Act 404 brought about statewide electronic transfer of pawn store records through a centralized secure tracking system designated by law enforcement. The act states that no costs or increased fees for pawn stores, pawnbrokers, or pawn customers are allowed as a result of the reporting system. Act 1464 applied the results from the Landers vs. Jameson 2003 case law and allowed the repeal of a state code that requires stolen property to be returned to a deemed rightful owner with the execution of an affidavit of possession. Refusal would result in court costs and attorney fees being passed on to the pawnbroker if the property was found to be that of the victims. The Jameson case found for the pawnbroker based on deprivation of due process rights provided by the Constitution. The most important change was passage of Act 1290 that amended the criminal code to make it Class A misdemeanor for a person to transfer stolen property to a pawn store or pawnbroker. The offense becomes a Class D felony for a second offense within five (5) years, and makes pawnbrokers a secondary victim. This was a long session, but one that we feel improves the status of pawnbrokers in our state.
Tom Howard, President Florida Pawnbrokers Association firstname.lastname@example.org The Division of Consumer Services wants to submit legislative proposals in 2014 to make changes to CH 539. They appear minor, but anything can happen once legislation is opened up for changes. The Florida Pawnbrokers Association (FPA) has hired a lobbyist to monitor such legislation and provide advice. A new FPA board of directors has been elected, as follows: Tom Howard, President, Worldwide Pawn email@example.com Josh Davis, Vice President, Gold N Connection firstname.lastname@example.org Avery Adcock, Member, Danâ€™s Pawn email@example.com Mark Folmar, Member, Folmar Gun & Pawn firstname.lastname@example.org Adam Davis, Member, Gold N Connection email@example.com Our board still has four positions open. Please contact me at firstname.lastname@example.org if you are interested in serving.
Greg Engstrom, President Indiana Pawnbrokers Association email@example.com Several new stores opened last summer as the Indiana pawn industry continues to grow. While the scrap gold business has slowed, there remains a strong demand for loans. During the last legislative session, the Indiana Pawnbrokers Association (IPA) worked on a bill that would stop rogue gold buyers and regulate other buyers similarly to pawnbrokers. The only caveat is that pawnbrokers must now place a 10-day hold on jewelry. (Continues on page 49)
48 | National Pawnbrokers Association | fall 2013
10/30/13 8:43 AM
State News (From page 48)
State Association Updates The IPA is hosting the first annual Pawnbroker Boot Camp in Indianapolis. This is an intensive training camp for frontline pawn clerks. The response has been overwhelming. You will find more information at pawnbrokerbootcamp.com. The Midwest Pawn Convention will be held in greater Nashville TN, May 14-18, 2014, so mark your calendar. Go to midwestpawnconvention.org for more information.
Lou Tansky, President Ohio Pawnbrokers Association lou@ unclebenspawnshop.com By the time you read this article, HB192 will have had at least one committee hearing. As you recall, HB192 was initiated by Cash America in another attempt to re-write the Ohio Pawnbrokers Act. Passage of this legislation will have an overwhelming adverse effect on the independent pawnbrokers in the state. To read HB192, go to www.legislature.state.oh.us/bills.cfm?ID=130_ HB_192. The Ohio Pawnbrokers Association’s (OPA) officers and board have been working on a game plan to communicate our strong opposition to the legislation. We will be contacting members to help, so be ready. We were able to defeat Cash America’s last three attempts to change our state pawn law. We did this through the hard work and dedication of each of our members working at the grassroots level. We will need each of you to step up to the plate again. If you are a member of OPA, watch for emails with information and talking points in opposition to this legislation.
fall 2013 | National Pawnbrokers Association | 49
10/30/13 8:43 AM
50 | National Pawnbrokers Association | Fall 2013
10/24/13 11:42 AM
Spot a Potential Thief Top Ten Red Flags
Courtesy of the Jewelers’ Security Alliance jewelerssecurity.org
1 Is the person talking on a cell phone? Inform the person that you will be happy to serve them as soon as they finish their call. 2 Is the person wearing sunglasses? Suggest that the person remove the sunglasses to get a better view of the beautiful merchandise. 3 Is the person wearing a hat pulled low or a hoodie to conceal his or her identity? 4 Is the person wearing inappropriate clothing for the
season such as a wool cap when the weather is in the 80’s or a raincoat on a sunny day?
5 Are large numbers of people entering together, for example, three or more people? Will you be able to adequately protect your merchandise with a large number of people inside your store? 6 Is the person putting large or bulky items, including coats, on the showcase, or moving pads, mirrors or other items on the showcase in order to block the jeweler’s view? 7 Is the person asking unusual questions particularly about security, hours, or schedules, or looking with unusual interest at your cameras or security equipment? 8 Is the person asking to see the “most expensive” watch or jewelry item in the store? 9 Is the person making hand signals or other gestures that appear to be communicating with other people? 10 Is the person walking around the store with their
hands in their pockets in order to avoid touching anything in the store that would leave fingerprints?
Keep an eye on people who: • • • • • •
Avoid eye contact Appear nervous Wander the store without buying Leave the store and return repeatedly Linger in a location that employees have a hard time monitoring Constantly keep an eye on store employees and other customers
What should you do?
• Look at and greet the person who enters your store • Have visible cameras at eye level • Use a pre-established code word to put all staff members on high alert • Have an employee pick up the store phone in an obvious manner, dial someone, and talk • Have more than one person wait on the suspi cious person, or persons, on both sides of the showcase • Keep the showcases locked and show only one item at a time • Tell the person that your insurance company requires you to see photo identification to show high value items • Call the police if you feel there is a criminal risk
fall 2013 | National Pawnbrokers Association | 51
10/30/13 8:45 AM
National Pawnbrokers Association Online Interstate Pawn Loans and Providers NPA Policy Statement, October 2013
Pawn loans are an important and trusted source of small-dollar, short-term, nonrecourse credit in the U.S. Fast, on-the-spot decisionmaking by pawnbrokers at brick-and-mortar stores across the country makes pawn loans available for emergencies that individuals, families, and small businesses experience. Traditionally, pawn loans are face-to-face transactions that are governed by numerous federal, state, and local laws. Recently, some providers have offered online interstate pawn loans in which the borrower and provider do not conduct business face-to-face, but rather negotiate the terms of the transaction via the Internet. Online interstate pawn loans may be more risky for consumers than traditional face-to-face pawn transactions, if the consumer is not familiar with the Internet lender. Consumers dealing with online interstate pawn lenders should ask (a) where collateral will be stored, (b) how long it will take for their loan to be funded after the collateral reaches the lender, (c) how they can redeem their collateral and how long it may take to receive the collateral from the lender after redemption, and (d) whether the consumer protection laws of the state where the consumer resides will govern the pawn loan’s terms and conditions. The NPA’s code of ethics requires that members, among other things, comply with all federal, state, and local laws that apply to members’ businesses and their pawn transactions. Compliance responsibilities include licensure by state or local governments as a precondition of offering pawn transactions to residents of that state. Because of the NPA’s commitment to full compliance with applicable federal, state, and local laws, the NPA does not support, condone, or offer membership to providers offering interstate, Internet pawn transactions that: • Cannot demonstrate full compliance with federal consumer credit laws as well as with state and
local laws of the state in which the consumer resides • Do not hold a license to do business granted by the state or local government where the consumer initiates the transaction. • Circumvent federal, state, or local laws through the use of the Internet, off-shore credit providers, or partnerships with entities operating on fed eral Tribal Reservations. The NPA supports and offers membership to pawnbrokers offering online pawn transactions as long as the provider (a) has a license to extend credit in the state where the consumer resides and operates in full compliance with the laws of that state, and (b) offers pawn transactions only where it has a license to do business to consumers (i) who reside in the state that granted the license or (ii) who travel to that state in person for the purpose of completing the pawn transaction. Courts that have considered whether online credit providers must hold licenses in the state where the consumer resides uniformly have held that providers must hold licenses in that state, unless the consumer travels in person to the provider’s state for the purpose of completing the transaction. Providers who do not hold licenses in the state where the consumer resides should consider the likelihood that their loans will be considered illegal by that state’s authorities and subject to usury penalties and cease-and- desist orders, as recent actions by state attorneys general demonstrate.
52 | National Pawnbrokers Association | fall 2013
10/31/13 2:49 PM
member spotlight (From page 17)
Seth Gold each one of my fellow pawnbrokers encounters. With the help of my peers and the involvement of our NPA committees, we discuss and navigate issues such as interest rate regulations and consumer privacy threats. NP: Was there a moment when you realized that pawn was what you wanted to do? SG: Unlike my dad and sister, I didn’t always see my future being spent working in the family business. Growing up, all my friends’ parents were doctors and lawyers and I got caught up in some of the more negative stereotypes of the pawn business. I went to the University of Michigan with the intention of becoming a doctor. To my family’s credit, they supported my plan and me. During my senior year, I realized that I had no passion for medicine, but rather enjoyed those weekends and days off from school where I would drive from Ann Arbor to our pawn store in Detroit to work. At that point, I knew I wanted to join the family business. And the rest is history!
A big benefit for me is the opportunity to work alongside my family. Viewers of the show might generate their own opinions about the dynamics, but at the end of the day we’re a family. We remind ourselves and one another that although we have our differences of opinion when it comes to the business, our commitment to each other is the solid foundation from which we’re able to do what a lot of people simply can’t. Another source of pride for me that stems from our roles as pawnbroking personalities is that visiting a pawn store is now cool. There are so many negative stereotypes surrounding the industry that have been dispelled thanks to reality shows such as ours. When people see our store on television every week, they are not only entertained, but also become open and aware to situations where they themselves might choose to visit their local pawn store.
NP: Do you plan to take your career in another direction? SG: Yes and no. I am a pawnbroker for life and I would never change what I do. I’ve opened myself up to a lot of risk by inviting television cameras into such an integral part of my life, but with risk comes rewards in the form of some unusual opportunities and experiences for which I am truly grateful. I realize that the show won’t last forever, but I’m proud for what we’ve achieved as a family, as the biggest pawn store in Detroit, and as a member of the pawn industry. One new direction that my career has recently taken is in the form of consulting. I have an amazing team at American Jewelry and Loan. So even with my busy schedule, I’m able to take on projects where I can offer expertise and insights to others who are interested in learning the business from the ground up, as well as help out established pawn stores that are looking to improve their business model. NP: What do you love about being a pawnbroker? SG: Unpredictability. Pawnbrokers never have the same day twice and it’s exhilarating. I cannot imagine doing anything else.
fall 2013 | National Pawnbrokers Association | 53
10/29/13 6:56 AM
compliance (From page 13)
Federal Compliance Check Up $7,500 and comes in tomorrow and purchases a men’s Rolex for $7,500, the combination of the transactions would trigger filing a Form 8300 because the total amount of cash in is over $10,000 within a 24 hour period. Part B of a related transaction: Let’s say someone pawns an $8,000 item and pays interest over four or five months. Then the customer pays off the same item within a rolling 12 month period from the first transaction. This would be defined as a “related transaction” if principal and interest equaled more than $10,000. APR rates vary from state to state so the over $10,000 trigger could hit sooner or later. Once the threshold is met, you need to file a Form 8300 within 15 days of the date of occurrence. Whether or not you write a new ticket on the item is not relevant. You will still need to file the Form 8300 if the threshold is met over the aforementioned time periods. Part C of a related transaction is rare. It occurs when a customer purchases matching items over a 12 month rolling period. An example might be the purchase of his and hers matching pieces.
For example, if a customer comes into your store with money orders for $7,000 and $4,000 cash, you would need to file a Form 8300 within 15 days of the transaction. However, if he came in with a negotiable instrument for $11,000 (e.g. a cashier’s check for $11,000) there would be no Form 8300 needed, as it must be a negotiable instrument and cash combined that equal over $10,000 to trigger the designated transaction report.
4 Suspicious transaction: A suspicious transac-
tion is any transaction that you deem suspicious. Perhaps a customer comes in today and pays $9,500 on a pawn and then tomorrow he comes in and pays $600. This could be structuring, and may mean he or she is attempting to evade the required Form 8300 filing. There could be numerous events that might seem suspicious to you. If you see one, you mark the “suspicious” box at the top of the Form 8300 and write in the comment section why the transaction was suspicious. Suspicious reporting is voluntary for pawn stores at this time.
Failing to file a Form 8300 can result in a fine, depending on the type of violation and how it occurred.
Dealers in Precious Metals
3 Designated transaction—A designated trans-
action is the combination of cash and certain negotiable instruments which include and are limited to cashier’s checks, bank drafts, traveler’s checks, and money orders. The definition does not include personal checks. Why? Because personal checks can be easily traced through a bank account. However, depending on the amount, the purchase of a money order cannot be easily traced. If you have one of the aforementioned items combined with cash and the amount of the cash in totals over $10,000, then you have a designated transaction and must file a Form 8300.
In general, a dealer in precious metals is someone who in a calendar year, 1) purchases at least $50,000 in 12 karat metal and 2) sells that same amount or more to another party (e.g. a refinery). There are other nuances, but for purposes of this article I will keep it simple. If you are defined as a dealer in precious metals, you must, without exception, have the following in place: • A written risk assessment outlining the risks your company poses • An anti-money laundering program that covers internal policies, procedures, training, internal monitoring, and record keeping requirements • An independent review (generally conducted annually) completed by a party not affiliated with the operations of the business
The Office of Foreign Assets Control (OFAC) is the government agency which regulates trade with certain countries, foreign companies, foreign banks, and foreign persons that they deem as a threat to (Continues on page 55)
54 | National Pawnbrokers Association | fall 2013
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compliance (From page 54)
Federal Compliance Check Up the U.S. The OFAC periodically puts out a Specifically Designated Nationals and Blocked Entities list, also known as the SDN. You are prohibited from doing business with anyone on the list. Prior to conducting business with an individual, you need to check the list. If you conduct business with someone on the list, you are looking at serious fines. If property is presented for a transaction by someone on the list, you are required to seize the property. Not your lucky day if that person is 250 pounds of pure muscle with razor sharp teeth. If cash transfers hands, you will be required to seize the cash and place it in a special trust fund. Certain reports are required should any SDN transaction occur. Additionally, if you have a hit on the list, and for whatever reason you disqualify the person from being the actual blocked party, you should create a file as to why that person was disqualified. The SDN list is primarily name driven and many people may have the same name as someone on the list. So, if Fidel Castro comes into your store but
doesn’t have a little gray beard, a funny green hat, and a cigar in his mouth and he doesn’t have many
wrinkles, you probably don’t have the “Fidel” and therefore would disqualify him based on age and appearance.
If you have questions, contact the OFAC direct. You may not get a prompt answer, but it may be best not to conduct the transaction before you get the green light. Their number is (800) 540-6322. If you have software, you may, on occasion, want to run your entire customer list to see if anyone you currently do business with has been added to the list. Should this occur, contact OFAC ASAP and explain the situation. The likelihood of you getting a hit on a previous customer is probably as likely as the government fixing all its budget problems, but you never know. Failure to follow any of the regulations is going to cause you problems. By having a written program in place as a dealer in precious metals, filing Form 8300s as required, having a Red Flags procedure in place, and following the OFAC’s rules, you will keep yourself out of trouble.
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compliance (From page 40)
NICS News Final Status Return Calls The NICS Section no longer accepts calls for status checks. The FFL will receive notice of a final status shortly after the NICS Legal Instruments Examiner has made a decision. The NICS Section processes NICS Transaction Numbers (NTN) in the order they are received. Once the transactions are completed, they are instantly put in a queue for the FFL to be contacted with a final status. Also, when FFLs are conducting a NICS background check, during transfer calls, they will be provided a final status prior to concluding the call if an FFL has completed transactions. If the FFL has received a voice message stating a final status is waiting, they can return the call to the NICS Section by calling (877) FBI-NICS (324-6427), press option 2, then option 4 for general FFL questions. When the call is answered, the FFL should advise the NICS Examiner they are returning a call for a final status. A final status is not considered a “status check.” Therefore, the call will be
Everyone who Buys/Sells Gold will want one!
completed and a final status provided. In order to check the status of a delayed NTN, the FFL must enroll with the NICS E-Check, and processing your NICS background checks via the Internet. The NICS E-Check allows the FFL to check the status of their transactions conducted both on the phone and Internet 24/7. Therefore, if you do not want to initiate your NICS background checks via the Internet, you can continue to call the NICS Contracted Call Centers, then log into the NICS ECheck to view your NTN statuses. The dedicated website for NICS FFL is at www. fbi.gov/nics-ffl. Below are only a few of the items available to you at your fingertips: • Update your NICS FFL contact information • Sign up to receive NICS email messages/updates • Obtain NICS FFL quick reference guides • Order NICS resolution cards for your denied/ extended delayed customer • View NICS process videos
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56 | National Pawnbrokers Association | fall 2013 Pawn Broker Spring 2013 FINAL.indd 1
3/7/13 2:17 PM
10/29/13 7:01 AM
1 2 3
Cash at Closing We have the financial resources to pay cash at closing.
We Understand the importanCe of an “aggressiVe offer” As pawnshop operators, we understand the true value of your business, and we will evaluate several factors before making an offer.
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proud to announce the recent acquisitions of 34 Central pawn and pawn and Bargain locations. at Cash ameriCa, we’ve built a reputation as being the largest purchaser of pawnshops in the world. And right now, we’re extremely interested in discussing purchasing pawnshops like yours. As a successful pawnshop owner, you’ve invested a lot of time, energy and money in your business. And the idea of selling it may never have occurred to you. Even if you’ve thought about it before, you may not have known where to start. Cash America has made it easy to explore your options. All you have to do is call 1-866-291-8110, or visit us at pawnshopbuyer.com. You could be closing on your business and getting cash in hand before you know it!
Call 1-866-291-8110 or visit pawnshopbuyer.com Cash America ad.indd 57 Sell Your Business Now Rev2012_8x10.5.indd 1
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(From page 6)
Grassroots business when federally chartered competition would have such a huge advantage. The playing field for our industry would not be level, and independent pawnbrokers would suffer.
Electronic data transfer is a huge issue that Team GRC is working on across the country. The issue is not the data reporting. It is the possible misuse of our customers’ personal information. We are required to send the personal information of every one of our customers to a third party, forprofit company, and we have no guarantee that the data is protected. Will the police begin profiling customers based on the information we provide? What if there is a data breach? Who would be responsible for the consequences?
As we prepare for the busy holiday season ahead, we need to continue work on legislative and regulatory issues from the ground up. The NPA is dedicated to protecting the industry on a national level. It is imperative that each member meet with local elected officials, monitor local and state legislative and regulatory issues, and step up when it is time to act on a federal level. Thank you for all you do to support the NPA and specifically our Team GRC efforts!
Keeping Our Industry Strong In today’s political environment, voting is not enough to ensure that your voice will be heard. By contributing to the NPA PAC, you are supporting the legislators who help shape laws that affect your business. NPA PAC contributions allow us to educate lawmakers about our industry and how we serve the American public. Please send your personal check or credit card information along with this completed form to: NPA PAC, PO Box 508, Keller, TX 76244 Name:____________________________________ Mailing Address:___________________________ Email: ____________________________________ Business Phone: ___________________________
We’re Taking on Washington!
Contribution Amount: $_________ q Personal Credit Card q Personal Check Occupation: q Pawnbroker
2014 NPA Legislative Conference
Credit Card: _______________________________ Expiration Date: ___/___/______
April 9, 2014 Washington, DC 20005
Signature: ________________________________ Date: ___/___/______
For more information, visit the NPA website, NationalPawnbrokers.org, or contact Matthew Church (817) 337-8830 Matthew@NationalPawnbrokers.org.
See page 9 for more details.
Contributions to the NPA PAC are not deductible for federal income tax purposes and are used for political purposes. All contributions are voluntary and individuals may refuse to contribute without fear of reprisal. Under federal law, the maximum permitted individual contribution to a PAC is $5,000 per calendar year. Federal law requires all PACs to report the name, mailing address, employer and occupation of each individual whose contributions to the PAC exceed $200 in a calendar year, and such information is public record. You must be a US citizen or a foreign national admitted to the US for permanent residence as defined by Section 101 (a)(20) of the Immigration and Naturalization Act.
58 | National Pawnbrokers Association | fall 2013
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Calendar of events
1/2014 SHOT Show
6/2014 JCK Exhibition 2014
3/2014 Dixie Educational Conference &
7/2014 Pawn Expo 2014
January 14-17 Sands Expo and Convention Center Las Vegas, NV shotshow.org
March 17-19 Hilton New Orleans Riverside New Orleans, LA Contact: Tim Collier firstname.lastname@example.org (800) 497-4548
June 1-4 Mandalay Bay Convention Center Las Vegas, NV lasvegas.jckonline.com
July 8-10 The Mirage Las Vegas, NV Contact: Lindsay Wilson PawnExpo@NationalPawnbrokers.org (817) 337-8830
National Pawnbrokers Association Logo Sheet and Standards
4/2014 NPA Legislative Conference
The National Pawnbrokers Associationâ€™s logo is a registered trademark. Use is permitted only with permission from the Association after receipt of a completed Logo Use Agreement. Only members of the Association may use the logo.
INK COLORS: 2-color printing Blue: Pantone 2955 C Gold: Pantone 1255 C
1-COLOR PRINTING: Black
PANTONE PROCESS COLOR:
Blue: C 100% M 60% Y 0% K 30% April 9 Gold: C 10% M 30% Y 80% K 20% Hamilton Crowne Plaza Washington, DC use at 1 inch or less inChurch scale Contact:ForMatthew Matthew@NationalPawnbrokers.org (817) 337-8830 NationalPawnbrokers.org/government-relations
For use at over 1 inch in scale
Office PO Box 508 Keller, TX 76244 Phone: (817) 337-8830 Fax: (817) 337-8875 NationalPawnbrokers.org 891 Keller Pkwy, Suite 220 Keller, TX 76248
Dana Meinecke Executive Director Dana@NationalPawnbrokers.org
Chris Pearcey Communications Specialist Chris@NationalPawnbrokers.org
Margie Swoyer Director of Membership Margie@NationalPawnbrokers.org
Matthew Church Government Relations Administrator Matthew@NationalPawnbrokers.org
Lindsay Wilson Director of Meetings and Events Lindsay@NationalPawnbrokers.org
Terri Congleton Administrative Assistant Terri@NationalPawnbrokers.org
fall 2013 | National Pawnbrokers Association | 59
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Index of Advertisers ADVERTISER Page
Aaria 3 (248) 961-0506 AriaDiamonds.com
Hi-Tech Precious Metals & Refinery 27 (866) 950-7528 HiTechPMR.com
Rolland Safe 49 (800) 225-2984 rslc.net
ABC Diamond Buyer 5 (586) 354-7274 ABCDiamondBuyer.com Assay on Wheels 23 (855) 351-0346 AssayOnWheels.com Bluestone Trading Back Cover (888) 800-BLUE (2583) Bluestone-Trading.com The Buyers 43 (562) 945-7276 TheBuyers.com Cash America 57 (866) 291-8110 pawnshopbuyer.com CompuPawn 39 (866) 545-9868 CompuPawn.com Dillon Gage 19 (888) 436-3489 dillongage.com Garfield Refining 45 (800) 523-0968 GarfieldRefining.com Garrett Metal Detectors 36 (800) 527-4011 Garrett.com Gemological Institute of America 55 (800) 421-7250 gia.edu Gesswein 56 (800) 243-4466 gesswein.com
Hover & Strong (800) 759-9997 hoverandstrong.com
International Inside Front Cover Gemological Institute www.igionline.com Livesayâ€™s (800) 476-2715 Livesaysinc.com
Manhattan Gold & Silver 53 (212) 398-1454 mgsrefining.com/npa National Jewelers Supplies 45 (888) 657-8665 NationalJewelersSupplies.com North American Metals 21 (800) 773-1626 NorthAmericanMetals.com
Stallcup Group 32 (817) 479-3880 stallcupgroup.com Stebgo Metals 7 (800) 289-0138 stebgo.com Stuller 28 (800) 262-7700 stuller.com The Trendz (866) 337-7464 thetrendz.biz
United Precious Metals (800) 999-3463 UnitedPMR.com
US Gold Refinery (212) 444-4700 USGoldRefineryLLC.com
Padmavati Exports 24 (212) 869-0544 Padmavatiexportsinc.com
Wexler Inside Back Cover Insurance Agency (800) 432-1853 WexlerInsurance.com
Palak Diam 11 (213) 228-0077 PalakDiam.com
White Pine (646) 758-0292 whitepinediamonds.com
Rapaport 20 (212) 354-9800 rapaportauctions.com
Workplace Training Network (888) 622-2191 Osha4less.com
RMF Consulting Group 13 (866) 204-7209 checkcashingcompliance.com
Worldwide Diamond (213) 622-2191 WWDiamond.com
The NPA does not specifically endorse any entity including but not limited to exhibitors and advertisers; makes no representations, warranties, or guarantees; and assumes no responsibility for the products or services provided by these entities. The NPA expressly disclaims all liability for damages of any kind arising from the use or the performance of the products or services provided by these entities.
60 | National Pawnbrokers Association | fall 2013
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Wexler Pawnbroker Flyer FISCA_Layout 1 2/1/13 4:03 PM Page 1
RANCE U S N I R E L X WE
S R E K O R B PAWN
CEE 11996688 SSIN INC
ive Prices it t e p m o C t a erage The Best Cov
Available Coverages: ■ Pawned & Owned Jewelry & Guns ■ Pawned & Owned Other Stock ■ Money & Securities ■ Property in Transit ■ Memo ■ Shipments ■ Employee Theft
■ Building ■ Furniture, Fixtures, Improvements, etc. ■ Loss of Business Income ■ Outdoor Signs ■ Exterior Glass ■ General Liability ■ Products Liability for Guns & Ammunition
for Pawned & Owned Guns & Jewelry or Other Stock We pay based on your choice of the following: ■ Replacement Cost ■ 2 or 3 times pawn value ■ Actual cost of the loan plus legally accrued interest
CALL 1-800-432-1853 FOR AN IMMEDIATE QUOTE Wexler Insurance Agency, Inc. 1120 Ponce de Leon Blvd. Coral Gables, FL 33134 Tel: 305-445-5050 Fax: 305-448-8189 Nationwide: 1-888-4-WEXLER 1-800-432-1853 E-mail: email@example.com Internet: www.wexlerinsurance.com
Wexler FP.indd 37
New York Office 580 Fifth Avenue Suite 715A New York, NY 10036 Tel: 212-391-5211 Fax: 212-391-5212 California Office 2711 East Coast Hwy. Suite 106 Corona del Mar, CA 92625 Tel: 949-723-3835 Fax: 949-723-3839
Georgia Office 845 Glengate Place Atlanta, GA 30328 Tel: 404-252-9593 Fax: 404-252-9859 Virginia Office 20268 Island View Court Potomac Falls, VA 20165 Tel: 703-450-6166 Fax: 703-450-1830
Ask about our exclusive Workers Comp program for Pawnshops which is available in all 50 states.
Ohio Office 7363 E. Kemper Rd. Suite C & D Cincinnati, OH 45249 Tel: 513-891-2131 Fax: 513-891-2132
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Call For Your FREE Diamond Clarity Grading Booklet
Large Selection of Diamonds and Estate Jewelry BUY - SELL - CONSIGN
NationalJewelry Pawnbrokers Association Paying TOP Prices for Diamonds & Pre-Owned Logo Sheet and Standards
The National Pawnbrokers Associationâ€™s logo is a registered trademark. Use is Association after receipt of a completed Logo Use Agreement. Only members
View Our Inventory at INK COLORS: 2-color printing Blue: Pantone 2955 C Gold: Pantone 1255 C
www.bluestone-trading.com Phone (440) 442-7280 Fax (440) 442-0026
(888) 800-BLUE (2583) (800) 321-7979
1-COLOR PRINTING: Black
PANTONE Blue: C 100 Gold: C 10
For use at 1 inch or less in sca
P.O. Box 24126 Cleveland, OH 44124 firstname.lastname@example.org
For use at over 1 inch in scal Bluestone_BL.indd 64
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