Push for new pawn shop legislation
Troy city officials push to pass new legislation for pawn shops. But as YNN's Maria Valvanis reports, business owners fear what that could mean for them.
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TROY, N.Y. -- Kate Leary, Captain Cash Owner said, “It might be the tipping point that throws people over the edge, the people that are just holding on, it will probably put them under."
Kate Leary is talking about new legislation Troy City officials are working to pass, enforcing stricter regulations on pawn shops. It comes after two men were arrested, accused of stealing sports memorabilia and then selling it to Captain Cash in Troy.
Michael Fraser, the City of Troy Spokesperson said, “With the recent arrest we saw that's a crime ring. You know these are people who have been active and doing this a long time and now those people are out of practice. It’s intended to stop people, usual suspects, from stealing and having a venue they can turn it into quick cash.”
New legislation will mandate pawn shops to place a ten day hold on purchased goods, allowing police officers adequate time to track down stolen goods. The law would also require business owners to keep buyers' information.
Leary said, “We feel the city of troy is just looking for lawsuits on something like that. Because a legitimate buyer is a legitimate buyer. They didn't do anything. If you take it away from them you're just creating one more victim in a string of victims. Our store included."
The measure follows an ordinance already in place in the city of Albany- where some say it makes criminals think twice about selling stolen goods.
Tsahai Weir, Cash Central Owner in Albany said, “Knowing that we have to take ID do have to fill out that paperwork and do have to submit it to the police so definitely if you’re a criminal you would think before you came here."
"We want as much information as we can. I know no one wants to put restrictions on things but from our standpoint we want to work with the business owners come up with a solution that keeps everybody happy," said Fraser.
City officials will work with business owners over the next few weeks to try and reach an agreement. The law will likely be voted on in June.