Needful Things Pawn; 151 High St; Ellsworth, ME - Cease & Desist Order, and Order for Reimbursement, and Payment of Costs

December 10, 2010

WHEREAS the Maine Bureau of Consumer Credit Protection (the Bureau) is established to, among other things, regulate the activities of pawnbrokers 30-A M.R.S.A.?3960 et seq, and may issue and serve an order upon a pawnbroker requiring that pawnbroker to cease and desist from the violation or practice if in the opinion of the administrator that the pawnbroker is found to be in violation of a law, rule or regulation relating to the activities of the pawnbroker; and

WHEREAS Needful Things Pawn, is or was operating as a pawnbroker, holding registration number PNB11613, as first issued by the Bureau on May 4, 2010; and

WHEREAS on November 9, 2010, the Bureau mailed correspondence calling for the scheduling of a routine compliance examination of Needful Things Pawn which was to be conducted at the premises of the pawnbroker?s business located in Ellsworth, ME. At the request of Jonathan Tardiff, owner of Needful Things Pawn, it was agreed that the exam could take place at the Bureau?s offices in order to make for a more cost-efficient exam process The Bureau received and reviewed documents provided by Needful Things Pawn, which determined several violations of law as specified in the following paragraphs; and

WHEREAS the written records of fifty-five pawn transactions failed to include a record of the date, duration, amount, periodic rate of interest, the annual percentage rate, the finance charge, due dates for payment, the total payment needed to redeem or repurchase the pawned property, the terms of redemption or repurchase, including any reduction in the finance charge for early redemption or repurchase, and the right of the consumer to at least one extension of one month at the same rate of interest upon request in writing or in person, contrary to Maine?s Pawnbroker Law, Title 30-A of the Maine Revised Statutes, and more particularly 30-A M.R.S.?3962 (1)(A)(A-1)(B-1); and

WHEREAS one pawn transaction failed to provide an accurate description of the property pawned, contrary to Maine?s Pawnbroker Law, Title 30-A of the Maine Revised Statutes, and more particularly 30-A M.R.S.?3962 (1)(B); and

WHEREAS records of eleven pawn transactions failed to denote the name and residence of the consumer, contrary to Maine?s Pawnbroker Law, Title 30-A of the Maine Revised Statutes, and more particularly 30-A M.R.S.?3962 (1)(C); and

WHEREAS records of thirty-four pawn transactions disclosed finance charges of greater than 25% per month on that part of a loan that is $500 or less, contrary to Maine?s Pawnbroker Law, Title 30-A of the Maine Revised Statutes, and more particularly 30-A M.R.S.?3963 (1); and

WHEREAS Needful Things Pawn voluntarily surrendered its pawnbroker registration to the Bureau;

NOW THEREFORE, Needful Things Pawn is hereby notified and ORDERED to cease and desist all pawnbroker activity subject to registration in the State of Maine, unless and until such time a registration is granted by the Administrator.

Needful Things Pawn is further ORDERED to refund all fees collected in excess of Maine?s Pawnbroker Law from Maine consumers within 45 days from the date of this Order.

Needful Things Pawn is further ordered to pay $496.00 to the Bureau within 45 days of the date of this Order as reimbursement for reasonable costs incurred by one senior consumer credit examiner and one principal consumer credit examiner pursuant to 9-A M.R.S. ?6-106 (6).

Needful Things Pawn may request the scheduling of an administrative hearing on this Order within 30 days of the date of this Order by making that request in writing to the undersigned administrator, or may seek review of this order pursuant to Maine?s Administrative Procedures Act, 5 M.R.S.A. ?11001 et seq.

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