of June 22, 2016 No. 87
About activities of pawnshops
Accepted by Jogorku Kenesh of the Kyrgyz Republic on May 18, 2016
In this Law the following basic concepts are used:
1) pawnshop - the legal entity (the specialized organization) performing provision of short-term loans instead of the personal estate of citizens which is under pledge;
2) activities of pawnshops - activities of the legal entities having the license on provision of short-term loans instead of the personal estate of citizens which is under pledge;
3) the pawnshop territory - the protected specialized territory of the main room intended for acceptance of borrowers, provision of short-term loans, storage of financial records, cash, pledged property;
4) small-sized property - jewelry, and also other personal estate which is stored in the fireproof safes of pawnshop established in the territory of pawnshop;
5) large-size property - personal estate which is stored in the territory of pawnshop;
6) documents on loan - the loan agreement, the mortgage ticket, and also other documents established by this Law and other regulatory legal acts regulating civil legal relationship in the Kyrgyz Republic;
7) the loan agreement - the contract between pawnshop and the borrower for certain term with issue of the mortgage ticket;
8) the mortgage ticket - the document of accounting of pledge created and issued in paper form and/or in electronic form which is issued to the borrower in case of agreement signature about loan;
9) pledge - pledge type when the pledged property is transferred from the pledger to ownership to the pawnbroker according to the pledge agreement;
10) unclaimed property - the property transferred to pawnshop and unclaimed by the borrower to the terms determined by the loan agreement.
The legislation of the Kyrgyz Republic on activities of pawnshops is based on the Constitution of the Kyrgyz Republic and consists of this Law, other regulatory legal acts of the Kyrgyz Republic regulating activities of pawnshops.
Licensing of activities of pawnshops is performed according to the legislation in the sphere of licensed authorization system in the Kyrgyz Republic. Licensor is the body authorized by the Cabinet of Ministers of the Kyrgyz Republic.
1. The pawnshop shall have seal, the name stated in the state and official languages, containing the word "pawnshop" and specifying on its form of business.
The pawnshop is created in the form of additional liability company or complete partnership according to the legislation of the Kyrgyz Republic and acquires the status of the legal entity from the moment of state registration.
2. The pawnshop in the course of the activities can utilize own means and the credits obtained in credit institutions and the other organizations, according to the procedure, established by the civil legislation of the Kyrgyz Republic in the sphere of crediting.
3. The pawnshop for the purpose of provision of short-term loans has the right to accept in pledge the personal estate intended for private consumption from citizens of the Kyrgyz Republic, and also foreign citizens and stateless persons which reached age of 18 years on presentation of the passport or other identity document of the borrower, except for the property withdrawn from circulation, and also property which turnover is limited.
4. The pawnshop performs the activities provided by this Law, the Civil code of the Kyrgyz Republic and the legislation on pledge.
5. The pawnshop has no right to dispose of pledged property, except for case, the stipulated in Article 12 these Laws.
6. The pawnshop shall store the pledged small-sized property in the fireproof safe of pawnshop, and large-size property - in the territory of pawnshop, belonging to it on the property right or on a leasehold basis.
The pawnshop bears responsibility for loss and damage of pledged property if it does not prove that loss or damage happened owing to force majeure, that is circumstances extraordinary and impreventable under existing conditions (force majeure).
7. In the territory of pawnshop the conditions for storage of pledged property ensuring its safety and excluding access for strangers to it shall be created.
The large-size property pawned is subject to seal for the purpose of non-admission of its unauthorized use.
8. The procedure and forms of the reporting, the minimum requirements to the organization of activities of pawnshop are established by the Government of the Kyrgyz Republic.
9. In all rooms of pawnshop in which customer service is performed the stands containing information shall be placed:
1) about conditions and procedure for provision of services by pawnshop;
2) about the list of the documents necessary for receipt of services of pawnshop;
3) about the list of the regulatory legal acts regulating activities of pawnshops;
4) about the current interest rates applied in pawnshop;
5) about effective interest rate;
6) about the rights of clients.
10. The pawnshop during implementation of the activities shall be guided by requirements of the legislation of the Kyrgyz Republic in the sphere of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income.
Assessment of the property transferred to pledge is made by pawnshop by agreement of the parties according to the prices of property such and qualities, established in trade at the moment and the place of its acceptance in pledge.
1. The pawnshop shall insure pledged property in all-in cost for benefit of the borrower at own expense, at the prices of property such and qualities, used in trade and determined in case of acceptance in pledge.
2. The pawnshop has no right to insure compulsorily pledged property at the expense of the borrower.
1. In case of the conclusion of the loan agreement issue by pawnshop to the borrower of the mortgage ticket is performed and by provision of each loan the pawnshop issues the new mortgage ticket.
2. Under the terms of the loan agreement the pawnshop provides to the borrower short-term loan for certain term in national currency of the Kyrgyz Republic.
3. In case of the conclusion of the loan agreement the pawnshop transfers on returnable and paid basis for the term of no more than one year to the borrower money. The borrower gives to pawnshop the property which is pledge subject.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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