Decree on Pawnbroking
关于典当业的法令
ດຳລັດ ວ່າດ້ວຍທຸລະກິດຊວດຈຳ (ໂຮງຊວດຈຳ)
Summary
This decree stipulates principles and systems for the establishment, operation, management of pawned items, rights and obligations of parties, closure and deregistration, prohibited matters, and management inspection of the pawnbroking industry, which is uniformly managed and supervised by the Bank of the Lao PDR, aiming to regulate pawnbroking operations and ensure debt repayment.
Articles
Article 1
Purpose. This Decree stipulates the principles and systems regarding the establishment, operation, management, tracking, and inspection of the pawnbroking industry, so that pawnbroking operations are conducted in accordance with laws and regulations, systematically and correctly, to resolve the financial difficulties of the people, ensure debt repayment, and contribute to the effective management of financial institutions.
Article 2
Pawnbroking industry. The pawnbroking industry is a type of business unit lawfully established in accordance with laws and regulations and this Decree, providing credit services by accepting pledges of movable property.
Article 3
Interpretation of Terms. The terms used in this Decree shall have the following meanings: 1. Pawnbroking refers to the delivery of movable property under the management of the pawner to the pawnee for possession, to secure the repayment of a debt; 2. Pawned item refers to movable property delivered by the pawner to the pawnee for management, including jewelry, clothing, household items, vehicles, electronic products, and other property that is movable; 3. Pawnee refers to a financial service provider or small-scale lender who accepts items as movable property as collateral; 4. Pawner refers to a financial service user or small-scale borrower who delivers items as movable property as collateral; 5. Pawn contract refers to a written agreement establishing civil rights and obligations between the pawnee and the pawner; 6. Pawn value refers to the value agreed upon between the pawnee and the pawner in the pawn contract; 7. Business license refers to the permit issued by the Bank of the Lao PDR authorizing the operation of pawnbroking; 8. Pawn loan refers to the amount lent by the pawnee to the pawner according to the pawn value stipulated in the pawn contract.
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