In response to my e-mail, I got a phone call about three hours later from Robert at PSI, he is their chuck guy. He could only surmise internal parts are worn. He explained how to open the chuck and look for wear. Replacement parts are available. My chuck is one of the first they ever shipped after introducing that model in 2004. He also explained it may be possible for me to use it with a hex wrench for tightening instead of the (waddaya call em?), handles. The current model has a letter C in the name to distinguish from the older, original models. If I want to send it to them for repairs, the cost is a minimum of $35.00. Not likely I will do that. He did give me his direct phone number to call for assistance. Can't ask for much better customer service than that. Have a project in progress right now, when that is finished I'll attempt surgery on this and report back.
"Folks is funny critters."
Think for yourselves and let others enjoy the privilege to do so, too. ~Voltaire