Changes to pawn loan agreement format
14 May 2021
News
Beginning from 10 July 2021, a pawn loan agreement and a pawn ticket will be integrated into one document, a change both consumers and pawnshops will welcome. The relevant Bank of Russia ordinance has been submitted to the Ministry of Justice for registration.
A new pawn ticket template will reflect the specifics of pawnshop operations. Each pawn ticket will include a table detailing individual terms of the consumer loan agreement, information about the pledged item, information for the borrower about their rights to the pledged item, and other details.
The ordinance also enables pawnshops to execute electronic pawn tickets and thereby helps promote remote service in this segment of the financial market.
Preview photo: Pedrosala / Shutterstock / Fotodom