Banking and Securities Department Orders Two Philadelphia Pawnbrokers to Cease and Desist

HARRISBURG, Pa., May 26, 2016 /PRNewswire-USNewswire/ -- The Department of Banking and Securities has issued orders against Art's Money Loan, Inc. and Golden Cousins, Inc. ("Art's" and "Golden Cousins"), for unlawfully conducting business as pawnbrokers in violation of Pennsylvania law. Both businesses list an address of 4723 Frankford Avenue, Philadelphia, Pa. 19124.

The department has notified Art's that its license will be revoked within 30 days for unlawfully assigning its license to operate to Golden Cousins and allowing pawn operations that do not conform to the Pawnbroker License Act. Additionally, the department has ordered Art's to cease and desist from advertising or making pawn loans.  

The department has ordered Golden Cousins to cease and desist from advertising or making pawn loans for operating as a pawnbroker without a license, charging interest rates in violation of the Loan Interest and Protection Law, and allowing pawn operations that do not conform to the Pawnbroker License Act. The department has also ordered Golden Cousins to refund all interest and fees charged on pawn loans since August 1, 2010. Additionally, Golden Cousins shall notify customers with outstanding pawn loans that they may retrieve their items or convert their loan into a sale of the item pawned.

Art's and its owner, Phyllis Dansky, are prohibited from applying for a pawnbroker license in Pennsylvania for at least 1 year. Golden Cousins and its owner, German Shefer, are prohibited from applying for a pawnbroker license in Pennsylvania for at least 5 years.

The orders against Art's and Golden Cousins may be viewed online:

• Art's Money Loan, Inc., and Phyllis Dansky: http://www.dobs.pa.gov/Documents/Enforcement%20Orders/2016/051916_Art%27sMoneyLoanInc.pdf [PDF]
• Golden Cousins, Inc., and German Shefer: http://www.dobs.pa.gov/Documents/Enforcement%20Orders/2016/051916_GoldenCousinsInc.pdf [PDF]

Consumers who believe they may have been unlawfully charged interest or fees by Golden Cousins can contact the department's Consumer Hotline (1-800-PA-BANKS; 1-800-722-2657) or file a complaint online: http://bit.ly/1ovkxgu

Media contact: Ed Novak, 717-783-4721

SOURCE Pennsylvania Department of Banking

Related Links

http://www.state.pa.us