Pawn shops days may be numbered

(WWLP) - It's a move that some say could put pawn shops out of business.

The U.S. Senate is considering a bill to cap loan interest rates at 36-percent. It's aimed at ending predatory lending and it affects all loans.

Pawn shops across the country worry this bill could mean the end of their industry.

"I loan them 100 odllars on an item. I f they come in and pick it up within 20 days under this proposed legislation the interest on that is 2 dollar," said Pawnbroker Dave Springett.

22News called several pawn shops in the greater Springfield-area and no one would comment on this bill.