Circular No. 13/1999/TT-BTM provides specific guidance on pawnshop service business for traders and customers. It stipulates business conditions, procedures for establishing pawn contracts, loan amounts, interest rates, rights and obligations of both parties, as well as the process for handling violations.
适用范围
Traders conducting pawnshop service business and customers using this service.
要点
- Traders conducting pawnshop service business must have a Business Registration Certificate, a fixed store, and a secure storage facility; the maximum loan amount is 80% of the value of the pledged asset, with a maximum interest rate of 3% per month.
- The pawn contract must clearly state information about the pledged asset, the loan amount, the interest rate, the pledge period, and the payment method.
- Traders have the right to sell pledged goods or assets when customers fail to repay the debt or go missing; customers have the right to terminate the contract early if they no longer need a loan.
- Selling goods or assets from pawnshops valued at VND 500,000 or more must be conducted through public auction.
- Proceeds from selling pledged goods or assets will prioritize repayment of the trader's debt before returning any surplus to the customer.
🌐 本文件的社会影响
- Facilitating individuals and businesses to obtain loans by providing pawnshop services.
- Reducing legal risks for both parties through specific regulations on contracts and asset storage.
- May impose certain cost burdens on customers who cannot repay their debts.
- Strengthening supervision and management by competent authorities to prevent illegal activities.
❓ 常见问题
What conditions must traders conducting pawnshop service business meet?
They must be traders with a Business Registration Certificate for pawnshop services, having a fixed store and a secure storage facility.
What is the maximum loan amount when customers pledge assets?
Up to 80% of the market value of the pledged asset at the time of signing the contract.
What is the maximum interest rate for loans?
Maximum 3% per month, or 0.3% per day for loans under 10 days.
What information must be clearly stated in a pawn contract?
Name, type, quality, condition, and value of the asset; loan amount; interest rate; pledge period, and payment method.
When can traders sell pledged goods or assets?
When customers fail to repay the debt or go missing, or request to terminate the contract early.
全文
CIRCULAR
Guidelines for Operating Pawnbroking Services
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Implementing Decree No. 11/1999/NĐ-CP dated March 3, 1999 of the Government on Prohibited Goods and Services, Restricted Goods and Services, and Conditionally Operated Goods and Services, after reaching consensus with the State Bank of Vietnam, the Ministry of Trade provides specific guidelines for operating pawnbroking services as follows:
I- SCOPE OF APPLICATION
1- Operating pawnbroking services as defined in this Circular involves merchants lending money to customers and holding goods or assets of the customers as security for the performance of obligations under pawn contracts.
Goods and assets used as security for the performance of obligations under pawn contracts are referred to as pledged goods and assets.
Customers in this service may be producers, traders, or consumers.
2- Merchants operating pawnbroking services must meet all conditions and comply strictly with the provisions of this Circular.
3- The use of goods and assets for pledging within the scope of this Circular shall be governed by the following provisions:
3.1- Goods and assets used for pledging:
- Must be movable property with market value and belong legally to the customer.
- If the goods and assets belong to a third party, there must be a valid power of attorney from that person to the customer.
- If the goods and assets belong jointly to several people, there must be a valid power of attorney from all co-owners to the customer.
3.2- Goods and assets not allowed to be used for pledging:
- Goods and assets owned by the State.
- Real estate and related documents.
- Goods prohibited by law from being traded, circulated, or used.
- Goods and assets currently subject to ownership disputes.
- Goods and assets currently seized, sealed, or frozen according to legal provisions.
- Goods and assets already pledged, guaranteed, or mortgaged elsewhere.
II- CONDITIONS FOR OPERATING PAWNBROKING SERVICES AND PROVISIONS ON OPERATING PAWNBROKING SERVICES
1- Conditions for operating pawnbroking services:
1.1- Must be a merchant with a Business Registration Certificate where the business content includes pawnbroking services.
1.2- Must have a fixed address store or shop; have a safe storage warehouse to ensure protection against damage and loss during the period of custody.
2- Maximum loan amount: Agreed upon by both parties, not exceeding 80% of the value of the pledged goods and assets at market price at the time of signing the pawn contract.
3- Interest rate on loans (including storage and preservation costs for pledged goods and assets): Agreed upon by both parties, not exceeding 3% per month. In cases of loans for less than 10 days, the maximum interest rate does not exceed 0.3% per day.
4- Pawn transactions must be documented in a contract called a Pawn Contract.
The Pawn Contract is established in accordance with the legal provisions for economic contracts or civil contracts depending on whether the customer is a producer, trader, or consumer. For pawn contracts where the pledged goods and assets are valued at over 500,000 dong, in addition to the general contents, the following additional contents must also be included:
4.1- Regarding the pledged goods and assets, the following details must be recorded:
- Name, type, brand, code, serial number.
- Ownership certificate or registration certificate if required by law for such goods and assets.
- Quality, condition, and value at the time of signing the contract.
4.2- The agreed loan amount as stipulated above in Clause 2.
4.3- The agreed interest rate as stipulated above in Clause 3.
4.4- Pledge term and payment method.
4.5- Disposal of pledged goods and assets when settling the contract.
4.6- Other commitments agreed upon by both parties.
5- The Pawn Contract can be terminated and settled in the following circumstances:
5.1- Upon expiration of the term specified in the contract, if the parties do not agree to extend the contract as provided by law and the customer fully repays the loan and accrued interest.
5.2- If the customer requests to terminate the contract before the term specified in the contract and fully repays the loan and accrued interest up to the date of termination request.
5.3- When the pledged goods and assets have been disposed of as stipulated in Clause 8 of this Section.
6- Merchants operating pawnbroking services have rights and obligations as prescribed by law for economic contracts or civil contracts; for pawn contracts, some specific points are prescribed as follows:
6.1- Have the right to propose termination of the contract and dispose of the pledged goods and assets as stipulated below in Clause 8 in the following cases: the customer dies or goes missing without a legal heir or the heir refuses to continue performing the contract in writing.
6.2- Have the responsibility to properly store and maintain the pledged goods and assets of the customer; they may not sell, exchange, rent, lend, give away, mortgage, or use them except as otherwise agreed in the Pawn Contract.
6.3- Must compensate the customer for losses caused by damage or loss of the pledged goods and assets of the customer as prescribed by law.
7- Customers have rights and obligations as prescribed by law for economic contracts or civil contracts; for pawn contracts, some specific points are prescribed as follows:
7.1- Have the right to propose early termination of the pawn contract due to lack of need for borrowing or due to the merchant's breach of contract.
7.2- Fully repay the loan and accrued interest when terminating the contract in all cases.
8- Merchants operating pawnbroking services have the right to sell pledged goods and assets to recover capital in the following cases:
8.1- Before the expiration of the term specified in the contract, but the customer is unable to pay the debt and requests to sell the pledged goods and assets.
8.2- More than five days after the expiration of the term specified in the contract or any extended term, and the customer has not paid off the debt.
8.3- The customer has died or gone missing without a legal heir or authorized representative to continue performing the contract as prescribed by law.
9- Selling pledged goods and assets valued at over 500,000 dong must be conducted through public auction as prescribed by law.
10- The proceeds from the sale of goods and pledged assets shall be prioritized in the following order:
10.1- Covering the costs of organizing the sale of goods and pledged assets.
10.2- Repaying the loan (principal and accrued interest under the contract) to the pawnshop business trader.
10.3- Any remaining amount must be returned to the customer; if there is no recipient, it must be handled according to the provisions of the law.
10.4- In case the proceeds are insufficient to repay the loan, the customer must pay the outstanding balance or the pawnshop business trader has the right to initiate legal proceedings as provided for by the law.
11- Provisions for pawnshops:
11.1- Pawnshops must clearly display a notice board listing the goods and pledged assets, the loan ratio, and interest rates as stipulated in Clauses 1- Section I, Clauses 2 and 3- Section II of this Circular.
11.2- Transactions with customers who lack civil capacity as defined by the Civil Code are not allowed.
11.3- Pledged goods and assets of unknown origin may not be accepted. If there is suspicion that the goods or assets are derived from criminal activity, they must be promptly reported to the competent authorities for inspection and handling.
III - VIOLATION HANDLING AND IMPLEMENTATION PROVISIONS
1- Violations of this Circular by pawnshop business traders will be subject to administrative penalties or criminal liability, depending on the severity of the violation, as provided for by the law.
2- This Circular takes effect fifteen days from the date of signature and replaces Circular Joint No. 02 TT/LB dated October 2, 1995 of the State Bank of Vietnam and the Ministry of Trade guiding the operation of pawnshop services.
3- Provincial Departments of Commerce under central municipalities are responsible for guiding, monitoring, and inspecting pawnshop business traders within their jurisdiction, and promptly addressing violations of this Circular in accordance with the law.
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