Rent-to-own News - Delaware, New Jersey to reorganize
December 2, 2008
Come next month, Delaware and New Jersey rental dealers will have a new voice in their business, community and political affairs.
Joe Romano, Rent-A-Center regional director, will join APRO to lead the charge to reorganize the states' rental dealers associations under one banner -- the Delaware-New Jersey Rental Dealers Association -- Jan. 28 in Trenton, New Jersey.
Romano will serve as the group's organizing president and TRIB Group will sponsor the event.
Romano, who oversees 38 stores in New Jersey, Staten Island and Brooklyn has some experience with state associations as he currently serves on the board of directors of the New York State Rental Dealers Association and on the group's government affairs committee.
"With no state law, business is very tenuous in New Jersey," Romano said. "The end goal, having a state law passed would be huge. But it will require a lot of hard work and education. Nothing's impossible, but the first thing to do will be to get everyone together and organized."
He has high hopes for the new association and the momentum it could build for a state rent-to-own bill in New Jersey. New Jersey dealers currently operate under a state supreme court ruling that requires them to comply with the state's retail installment sales act and a 30 percent interest rate cap.
Romano said good industry regulation is possible and points to the efforts of New York dealers this summer, to rally and defeat a negative RTO bill working it's way through that state's assembly.
This session, a rent-to-own bill that would have defined the RTO transaction as a lease and not a credit sale -- A 695, The New Jersey Rental-Purchase Consumer Protection Act --was introduced in the New Jersey Legislature by Assemblywoman Grace Spencer and was last reported to the Assembly Judiciary Committee where the bill died in June.
New Jersey is currently one of three states that characterize the RTO transaction as a credit sale. Though that bill would have brought New Jersey in line with the 47 states that recognize the transaction as a lease, the legislation was believed a mixed blessing as it would have imposed rigorous price controls on the industry.
Whether the legislation will be re-introduced next session is not certain.
New Jersey is home to 64 rent-to-own stores that employ 384 and generate over $44 million in annual revenues. Delaware is home to 35 rent-to-own stores that employ 210 and generate over $24 million in annual revenues.
The two states are also home to U.S. Senators Robert Menendez (D-NJ) and Thomas Carper (D-DE) who sit on the Senate Banking Committee -- the committee of jurisdiction over rent-to-own legislation in the Senate.
In any case, a more qualified organizer than Romano for the new bi-state association could not be found, according to APRO State Associations Committee Chairman Dave Edwards. Edwards, who is also president of SEI Aaron's -- the largest Aaron's franchise in the country -- has worked with Romano extensively over the last two years on the NYSRDA Board.
"I'm thrilled to have such a quality leader re-organize the New Jersey-Delaware Rental Dealers Association," Edwards said. "Joe has had a big part in what the New York dealers have accomplished over the past two years. His willingness to get involved and passion for what we do make him the ideal candidate to spearhead the RTO charge in these states."
For more information contact Jeannie Hutchison APRO Programs Coordinator at 800/204-2776, ext. 108 or by email at jhutchison@rtohq.org.
mevans@rtohq.org
About APRO
The Association of Progressive Rental Organizations is the official voice of the rent-to-own industry and the most accurate and trustworthy source of rent-to-own news in the industry. Founded in 1980, APRO is the national, nonprofit trade association advocating and representing the rent-to-own industry before the U.S. Congress, state legislatures, courts, media and the public.
For more information, visit www.rtohq.org.
|
|
