Original HOHNER machines by a factory in Jiangyin, China, which
EXCELSIOR ACCORDION RHODE ISLAND STORES SERIES
The newīRAVO series comes with an improved, extra stable gigbag withĪs has been the case for many years, these accordions are built on Guarantees almost wear-free operation of finger sliders. The instrument and ensure security and comfort when shiftingīetween registers. New register switches with pleasing haptics optimize contact with
Minimizes irritating key noise by means of an improved keyboard The new BRAVO series boasts a redesigned treble grille which isīoth modern and appealing. “That’s the major reason why we did it” as a three-month loan.ĭavies said this is the first time in the shop’s three years in business that they had dealt with a legal situation like this.Redesigned treble grille with one of the lightest accordions in its “Can you get on your feet in one month?” she said. Since receiving the judgment last week, Davies said the shop has altered its agreements for future loans to be a renewable monthly loan - something they had wanted to avoid originally because of the hardship it could cause for people looking for money. Under the criminal code, the legal monthly interest rate is just five per cent. government aims to stop concert ticket, payday loan gouging “It’s exactly the same as everyone else is doing,” she said. The main difference Davies found between their loan terms and other pawn shops is that Pioneer Trading Post offered theirs as a three-month loan, while others had it as a renewable one-month loan. A few Davies had contacted were asking for up to 30 per cent a month, while some offered lower interest rates, around 10 per cent, but had exorbitantly high “storage fees” for the item. She found that their interest rates were in line with what many pawn shops were asking around the region, and was in fact lower than some. “The minute we got our judgment, we went online right away to find out what we were doing wrong,” she said. Immediately after the judgment, Davies said she began searching to find out what other pawn shops were offering for their loans. “We really debated if we were going to do pawn anymore,” Tracy Davies said about receiving the judgment. However, they were still ordered to pay Hemminger back $3,900 for the 1978 Excelsior accordion - which had been sold in September of 2017 - minus the principal loan amount and the original $1.50 electronic transfer fee, as well as $1.37 in interest. SEE ALSO: 2-year investigations nets $900,000 in refunds for payday loan customersĪccording to the judgment, owners Tracey and Adrian Davies were unaware that their interest rate was considered criminal. However, because the interest rate exceeded 60 per cent a year (the annual interest rate was effectively 300 per cent, even if the loan was only in effect for three months), it was found to be a criminal interest rate. This was not a classic loan-sharking transaction,” Mudstock wrote in her decision.
“The claimant and the defendants did not enter into this pawn agreement for an illegal purpose or with an evil intention. If he didn’t, the accordion would go to Pioneer Trading Post. The business had taken Garry Hemminger’s antique accordion as security for a $500 loan back in 2017, which Hemminger would be required to pay back with the interest at the end of the three months. 5), provincial court judge Kristen Mudstock said the Fraser Valley business could not legally charge 25 per cent interest monthly for a three-month loan agreement.
Happy Birthday Regional District of Mount WaddingtonĪgassiz’s Pioneer Trading Post has been ordered to pay more than $3,000 to the former owner of a vintage accordion, after a judge found the pawn shop’s interest rates were “criminal.”.