The Louisiana government and RTO dealers have worked together to create an environment where business can operate and consumers are protected.
Tom Neyhart, President, Louisiana Rental Dealers Association

Photo © RTO Online Inc. LRDA President Tom Neyhart (right) with ColorTyme President Bob Bloom at the recent 2007 ColorTyme Winter Operations Meeting (WOM) in Dallas, Texas. See complete photo gallery of the WOM here (381 pics).

The Louisiana Rental Dealers Association (LRDA) will meet Wednesday and Thursday March 21 -22, 2007 at the Marriott in Baton Rouge, Louisiana (see agenda). Association President Tom Neyhart, a ColorTyme franchisee, said this is the first association meeting in 3 years. "We have a pretty good handle on what's going on in Louisiana legislatively," said Neyhart, who has been president of LRDA since 1998.  "We keep in touch with key members of both the Louisiana House and Senate."

Over 30 rent to own dealers and vendors will meet to elect officers and get updates on federal and state issues affecting the rent to own industry. In addition to Neyhart, current board members include Vice President Ricky Brooks of Payless Rent to Own and Treasurer Courtney Engeran of National Home Furnishings.

According to LRDA, there are approximately 100 rent to own companies operating in Louisiana. And business, says Neyhart, is finally getting back to normal after Katrina. "Business seems to be turning the corner," he says. The Neyharts operated three stores before the storm. The New Orleans store was destroyed and the Gretna location was closed for two and a half months before re-opening. Tom has since opened a second Baton Rouge location, bringing the store count back to three. "We're not going to re-open the New Orleans store," he said.

Tom does not believe New Orleans will ever be like it was before the storm. "Many people have left for good," he says. "It's still a bad situation." Government bureaucracies are not helping, with much of the rebuilding money still being held.

But outside of New Orleans, business is good. "Louisiana has a bright future in the rental industry," Neyhart said. "Unlike some other states, our state has an abundance of 3, 4 and 5 store companies that are doing very well. The Louisiana government and local RTO dealers have worked together to create an environment where business can operate and consumers are protected." Like the industry as a whole, Neyhart supports rock solid federal disclosure requirements and strong consequences for those that don't follow them. He explained that if the federal government concentrates on disclosures, and doesn't try to micromanage, consumers will benefit and the rent to own industry will flourish.

Neyhart is particularly proud of the relationship that state RTO dealers have built with Senator Mary Landrieu (D). "I just can't say enough about her support. Having a strong Democrat that understands the rent to own transaction and supports favorable legislating is especially important now that Democrats control Congress."

Senator Landrieu sponsored The Consumer Rental-Purchase Agreement Act of 2003 and 2005 in the Senate. She testified in favor of The Act before the Senate Banking Committee in 2004. Her testimony contains this publication's favorite quote of all time - "Yes Mr. Chairman, even members of congress who have moved to Washington have used rent to own." (see story with audio of Landrieu testimony). Neyhart says he hopes Senator Landrieu can help guide the process should unfriendly legislation be put forward.

RentDirect Nationwide Marketing Group is sponsoring the LRDA meeting. The event kicks off with a reception Wednesday evening. Industry execs will be on hand to give federal and state legislative updates.

RTO Online will report from Baton Rouge with interviews, podcasts and photo galleries. Please check www.rtoonline.com for updates.