In the near future, we plan to introduce legislation to prohibit the financing of pets purchased from pet stores.
 
Like many industries, pet stores often offer financing for those who cannot afford a pet outright. Financing may seem like a good option, especially if the decision to purchase a pet is made spontaneously. However, these financing agreements typically include extremely high interest rates and hidden fees that are not disclosed to the borrower.
 
For example, one borrower ended up paying $7,240.20 for a $2,451 pet with a 155.10% interest rate. These agreements cause financial hardship, and do not account for other financial obligations that come with owning a pet such as veterinary bills and food costs.
 
Additionally, the ease of entering into these agreements can increase the likelihood of impulse pet purchases that at times result in pets being brought home to families that do not have the time, willingness, or resources to properly care for the animal. This can even lead to pets being surrendered to animal shelters, adding to the already overflowing population of animals looking for a loving, forever home.
 
Our legislation will prohibit lending companies from entering into either a closed-end or an open-end credit agreement with pet buyers. This bill will not prohibit pet stores and online sellers from selling animals, it will only prohibit financing. Further, it will not prohibit purchases made using a credit card.
 
It is time for Pennsylvania to take action to ban this predatory practice. We hope you will join us in co-sponsoring this important piece of legislation.