Friday, July 30, 2010 | 11:20 AM
Fran Bishop is regulated by 12 different government departments and her biggest worry is not shoplifting, it’s the government pickpocket. Bishop owns Dollar Pawn and she’s a founding member of the Alabama Pawn Brokers Association, a former President of the National Pawnbrokers Association, and currently serves as Government Relations Chair of the NPA, where she has the honor of lobbying our nation’s legislators.
She recently told the Rotary Club that the nationwide redemption rate is 80%. “We want people to redeem their merchandise,” she said. Dollar Pawn holds items for 60 days before moving an item over to its retail operation.
Bishop gave a great example of a not-so-obvious use of her operation. After hunting season, a gun owner “pawns” his rifle and redeems it at the start of the next season. She said the gun is safer in her possession. She is, after all, insured by Lloyd’s of London.
One thing people may not know about the pawn industry is that it is a “Non-recourse lender.” If someone does not pay back his loan, the broker does nothing. As a possessory lender, the broker just keeps the merchandise.