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Pawn Shops Invade The Suburbs, Leaving Many Residents A Little Concerned

NEW ROCHELLE, N.Y. (CBSNewYork) -- A slice of urban grit is moving to the suburbs.

Pawn shops are becoming increasingly more popular in areas outside New York City, and some residents aren't pleased about it.

The sign of the pawnbroker, familiar in the concrete jungle of Gotham, is coming soon to a suburban street near you. Lou Bouinfante told CBS 2's Lou Young on Friday he's branching out to fill a need.

"Go into your bank across the street and borrow $50. Go! See what he's gonna say to you? He's going to laugh at you!" Bouinfante said.

Bouinfante has opened four pawn shops in Westchester County and has nearly 30 more in the planning stages for all parts of the northern suburbs, catering to those needing quick cash.

"I had a camera. I came here and they did me a favor," White Plains resident Steve Reue said, referring to a loan.

Loans of $20 to a few thousand at interest rates familiar to anyone whose ever had a credit card.

"Every type of person you can imagine coming in," loan officer Christina Morzan said.

Young asked Morzan to judge his appearance and guess what he might try to pawn. Her answer?

"You, yourself? Probably a Rolex," she said.

No, not a Rolex, but the people who run these shops say all sorts of people are showing up, especially since the economy tanked five years ago. That's when this shop opened in New Rochelle.

"Our main business is with the gold. We do take some electronics and some musical instruments," store manager Rachel Cuizio said.

But the move to the suburbs hasn't come without bumps. Court cases are pending in Peekskill and Port Chester. The business has an image problem.

"I'm really concerned about it becoming a marketplace for stolen goods," Port Chester Police Chief Joseph Kreziminski said.

The pawn shops say they take names, keep lists and co-operate with police. This type of transaction, the small collateral loan, they said, is here to stay.

"The bottom line is we're the small people's bank," Bouinfante said, adding when asked about the "big people's" bank, "we don't care what they want."

It's estimated there now more than 10,000 pawn shops open and operating across the country. There are currently 105 pawn shops in New York City, but only a handful in Westchester. The latest one was approved earlier this week by the trustees in the Village of Ossining.

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