An important piece of legislation is currently in review and appears to be on the way to approval. North Carolina Senate Bill 144 will place “cash converters” under the same reporting regulations that the pawn industry has operated with since 1989.
Durham, NC, May 18, 2011 — An important piece of legislation is currently in review and appears to be on the way to approval. North Carolina Senate Bill 144 will place “cash converters” under the same reporting regulations that the pawn industry has operated with since 1989. “Cash converters” operate in much the same way as pawn dealers. They purchase pre-owned merchandise for cash (or check). However, the simple name difference allows them to operate unregulated. The lack of oversight of the cash converters has created a possible haven for thieves to unload their stolen merchandise. Contrary to common public opinion, pawn stores take in very, very little stolen property because the criminals know that pawnbrokers are required to keep detailed records and report all of their purchases to the police.
“Pawn store operators are required to request all pawn customers to provide proof of ID and to sign a contract stating that the item to be pawned or sold belongs to them. Copies of all documentation along with digital security recordings aid law enforcement in identifying suspects. Criminals know that they’re basically turning themselves in if they come in to pawn stores with something stolen. If an item is stolen, the person trying to pawn it is guilty of obtaining money by false pretenses – a serious felony. What thief would want to turn misdemeanor larceny into a felony?” said Bob Moulton, owner of National Pawn and President of the NC Pawnbroker’s Association. “Taking in stolen items is bad for business, and modern pawn store owners train employees to spot suspicious items and behavior. In a case where suspected items are confiscated, the victim receives the property back and a criminal goes to jail, but the store loses all money paid for the items.”
Moulton continued, “Thanks to inaccurate stereotypes in movies and television, some people still think pawn shops are dingy junk stores complete with shady proprietors dealing in stolen merchandise. However, today’s modern pawn shop is a highly-regulated, responsible member of the community.”
The National Pawnbrokers Association statistics report that approximately 1/10th of 1% (0.1%) of items received by pawnbrokers nation-wide are confiscated by police under suspicion of being stolen – not proven, just suspected – which means that 99.9% of items are not. Any statistician will tell you that a number so small is statistically insignificant. And, no other business dealing in second hand merchandise can boast such numbers. I am not accusing cash converter type stores as dealing in stolen merchandise. I am only stating the facts. There are a lot of property crimes. Very, very little is turning up at pawn stores. It has to be going elsewhere. Where is it going? You will never know unless you check. This new law will give law enforcement the tools to do so.
With the passage of SB 144, introduced to the Finance Committee on February 24, 2011 by State Senator Wesley Meredith, District 19, along with 26 bipartisan co-sponsors, “cash converters” will be subject to the same reporting regulations under which the pawn industry operates. Many other states and municipalities across the country have already done this. I applaud the sponsors of this timely and important legislation for their vigilant efforts to thwart crime in North Carolina. SB 144 will protect the interests of law abiding citizens and help to solve more property crimes.
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