The Illinois pawnbroker industry is comprised of over 200 local business owners, many of whom have been a part of their communities for decades. During COVID-19, the State of Illinois designated pawnbrokers an essential business and stores remained open to help everyday Illinoisans meet their needs.

Today, state legislators have made false claims and proposed Senate Bill 4241, a bill that would impact access to financial services during heightened inflation and hamper pawnbrokers statewide. Illinoisans with limited credit or access to banks will be forced to use short-term loans from predatory sources and rely on credit checks, creating a crisis for those who rely on pawnshops for immediate temporary financial assistance.

Unlike banks or other creditors, pawn customers retain complete control throughout the transaction. Pawnbrokers do not review credit scores or report to agencies before entering a pawn. Pawnbrokers cannot send delinquent accounts to a collection agency or recover funds in court. There is no risk that a pawn will trap customers in a cycle-of-debt because it is a trade for things of value, not promises of future payment. Consumers can choose to repay the associated fees to redeem their property, or not. No other financial service in the nation provides hardworking Americans small-dollar advances secured by personal property and insured according to law.

Tell your legislator to PROTECT ILLINOIS PAWN by voting no on Senate Bill 4241.