Pawnshops should notify borrowers of possibility to receive difference from sale of pawned item
15 August 2024
News
If a pawnshop has sold an unclaimed item at a price exceeding the debt on a microloan, the pawnshop must return the difference between the sale price and the amount of liabilities.
However, the Bank of Russia has found out that a number of pawnshops fail to notify customers of the sale of their properties and the funds they can receive. The regulator recommends that pawnshops should inform borrowers of this possibility no later than 30 calendar days after the sale.
Preview photo: LanKS / Shutterstock / Fotodom