With regulations such as the Military Lending Act, which was introduced in October of last year, it is crucial to protect your business (and customers) by following new legal guidelines when they are released.
How does a pawn shop stay on top of new legislation? Well, since some important legislation news can sometimes get buried under flashier news articles, we strongly recommend attending pawn industry events and perhaps getting your CPP (Certified Pawn Professional) designation or taking an online compliance course.
Continue reading to learn more about how pawn industry events and a CPP designation or compliance courses can help better educate you on pawn industry legislation. It’s time to clear up any confusion you may have about what you need to do to comply with ever-changing regulations!
Pawn industry events are a great way to make sure you stay in-the-know. Not only will there be information on how to market your pawn shop, but there are almost always workshops and discussions regarding federal pawn regulations and how your pawn shop can comply.
These events are invaluable in terms of breaking down confusing legalese and giving you actionable steps for making sure you take the necessary precautions for legal compliance.
You will meet other pawn shop owners at these events who will share their knowledge with you on how to start compliance or improve your compliance. You can also ask your own questions during open forums and during networking events if you need more clarification on something specific.
This is significantly easier than trying to interpret legalese on your own and perhaps risking noncompliance.
The two events that you should consider attending yearly to stay in-the-know about new regulations are the NPA Legislative Conference and Pawn Expo. These are both hosted by the NPA (National Pawnbrokers Association). A quick overview and some bullet points on what to expect from these two events are found below.
This is an annual convention and tradeshow with over 120 exhibitors offering education and resources to help pawn shops grow to their full potential. With networking events, the opportunity to earn your CPP Designation, and plenty of discussions on everything from legislation compliance to marketing, you won’t want to miss out.
This is a conference dedicated to reinforcing government-pawnbroker relations in order to protect the pawn industry. Meet with legislators, visit Capitol Hill, and participate in educational sessions regarding federal regulations. Extend your stay for the opportunity to earn your CPP Designation while in D.C.
The Certified Pawn Professional Designation involves taking a series of courses that earn you a distinction as a pawn professional. This can improve the credibility of your pawn shop and help you earn more business, not only through the designation, but also through the wealth of knowledge you’ll gain in the courses.
More detailed information about the CPP Designation is available here.
This course covers the basics in anti-money laundering as it pertains to precious metals and gives you an understanding on how to identify and report anti-money laundering schemes.
More details about this course can be found here: https://www.nationalpawnbrokers.org/compliance/
Now that you know how pawn shops can comply with pawn regulations, you might be interested in some other resources we put together for you below!
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles