COLLATERAL LOANBROKER ASSOCIATION OF
NEW YORK LEGISLATIVE HISTORY
Collateral Loanbrokers Association of New York (CLANY) was founded in 1902 to support the responsible pawnbrokers in the state of New York. Currently 35 members represent reliable and trustworthy pawnbrokers who help small business owner in New York State. Here is a brief timeline on how CLANY worked with the State of New York for the rights of Pawnbrokers across the region.
Pawnbrokers can BUY just as second hand dealers can.
Interest Rate from 3% to 4%.
Ticket Service Charge increased to loans $0-99=$4, $100-499=$7, +$500=$10.
Purchase of 2nd hand articles (under prescribed circumstances
Auction Sales — For loans less than $1,000 private sale offered as alternative to public auction.
Reduction in holding period 6 months to 4 months.
Ticket Service Charge increased to loans $0-99=$3, +$100=$5.
Lost ticket charge of 1% of amount of loan or $5, whichever is greater.
Consignment — Broker recovers loan amount and interest in auction by consignor to recover chattel where consignee wrongfully pledges merchandise without consent of consignor.
Broker allowed to purchase their pawn tickets back after 90 days.
Reduce holding period to 6 months in N.Y.C. from one year effectively increasing interest rate 1% on all loans for each month after the first 6 months.
Ticket Service Charge for loans $0-50=$1, $50-99=$2, +$100=$3.
Interest rate increased to 3% 1st 6 months and 2% 2nd 6 months on all loans.
