NEWSLETTERS - Clay re-affirms vow to fight for RTO at APRO general session

Clay re-affirms vow to fight for RTO at APRO general session

Legislative threats are never too far off in the the rent-to-own industry.
 

Rep. Clay at the APRO General Session Wednesday.

Whether from consumer groups, the IRS or Senator Charles Schumer, threats to rent-to-own are kept at bay only through the work of a vigilant trade association, an active membership and the friends and allies that association cultivates along the way.

And in U.S. Congressman William Lacy Clay, APRO and the rent-to-own industry have found a staunch supporter indeed.

Clay -- who represents St. Louis-- was the guest of honor at the APRO 2008 Convention General Session in St. Louis, Missouri today where he addressed a crowd of around 300 rent-to-own professionals.

"One of the things I am most proud of is our success in advancing the vital interest of the rent-to-own industry," Clay said. "Your decades of hard work are paying off and you've increased your customer base by 300,000 in the past two years."

As the sponsor of industry supported H.R. 1767 in the U.S. House, Clay noted the work of APRO, and outgoing president Larry Carrico as fundamental to securing rent-to-own's right to be regulated and protected by federal legislation.

"The rent-to-own transaction is is the most commonly used consumer transaction that lacks definition," Clay said. "It will become even more important in the population during this economic downturn."

Watch membership video.

Clay said he has worked successfully with Rep. Barney Frank -- chairman of the House Financial Services Committee -- on the bill, which now boasts 94 co-sponsors from across the political spectrum.

"I want to personally thank you for your support," Clay said. "I'll always do my best to protect what really matters to you."

Clay praised the growth of the $6.8 billion rent-to-own industry which now serves 3 million customers annually and has enjoyed steady growth for 12 years.

That growth comes with an increasingly positive public image that is reflected through the industry's various community initiatives including: Computers for Kidz, APRO's recently established scholarship award, support for the Congressional Black Caucus Educational initiatives and Rent-A-Center's Random Acts of Caring program.

"The rent-to-own industry is committed to investing in the communities it serves," Clay said.

Bill Keese and Larry Carrico cutting the ribbon, opening the APRO 2008 Buying Show.

Prior to Clay's appearance, attendees were reminded of Sen. Schumer's most recent press conferences threatening the rent-to-own industry in a recently produced membership video featuring APRO Membership Committee Chairman Larry Goad.

"The powers that be in Congress who do not understand our industry want to put us out of business," Larry Goad said. "That is a real threat. Without the APRO membership, rent-to-own could have been easily eliminated. That's why I'm an APRO member."

Democratic Sen. Schumer's threats, his power in the Senate and his industry crippling legislation introduced in the Senate -- may take on new momentum according to recent polls which show Democrats will gain even more seats in both Houses of Congress this November.

In Congressman Clay, outgoing APRO President Larry Carrico said the industry has a champion it can rally behind.

"Congressman Clay," Carrico said as Clay took the stage to a standing ovation. "A grateful industry salutes you."

mevans@rtohq.org