Condensed by Fran Bishop, NPA Government Relations Liaison from a prior NPA-GRC Update
Category Archives: Legislative Updates & Alerts
On November 21, 2018, seven additional affiliates or subsidiaries of Republic Metals Corporation filed for Chapter 11 Reorganization in the Southern District of New York.
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We have received comments and questions from many members of whether the Department of Defense’s Military Lending Act Regulation, 32 C.F.R. Part 232, is still in effect.
On September 7, 2018, FinCEN announced immediate relief from the final “Beneficial Ownership” Rule that became effective on May 11, 2018.
On August 16, 2018, the Federal Trade Commission (“FTC”) published revisions to its Guides for Jewelry, Precious Metals, and Pewter Industries, and made them effective immediately.
The Gramm-Leach-Bliley Act (GLBA) requires pawnbrokers to safeguard the non-public personal information (NPPI) they receive from customers.
The BCFP charged Triton with providing deceptive TILA disclosures to 1,309 consumers from January 1, 2013 to May 15, 2015 in 2,136 auto title pledge loans in Mississippi.
A June 15, 2018 bankruptcy review court decision may have broader effect for pawnbrokers in other states where pawn laws require a post-default notice to pledgors.
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On May 11, 2018, banks and credit unions will be required to collect “beneficial ownership” information about “legal entity customers” seeking to open new accounts. This new requirement does not affect existing accounts of “legal entities.”
Recent inquiries from our members indicate that Equifax has now embarked on a direct calling campaign to pawnbrokers marketing their Military Lending Act non-Social Security Number product.
The pawn industry had a big day last Thursday, February 15, 2018, on Capitol Hill in Washington, DC. The House Financial Institutions and Consumer Credit Subcommittee conducted a hearing entitled “Examining De-risking and its Effect on Access to Financial Services”.
The NPA has learned of legal action filed against a pawnbroker on February 22 by a plaintiff with the assistance of The Brady Center to Prevent Gun Violence.
In this memorandum, we answer four basic questions about the ability of pawnbrokers to take virtual currency in payment for goods or services, or to use them to pay for goods or services. We will address some issues that might arise in accepting virtual currencies as collateral for pawn transactions in a second document to follow.
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