The Central Bank gave advice to pawnshops on interest accrual
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The Central Bank has prepared recommendations (.pdf) for the calculation of interest on loans for pawnshops. According to the regulator, now some pawnshops are starting to accrue interest on the day the loan is issued. The Central Bank recommended starting to accrue interest on the day after the conclusion of the contract.
“The law on pawnshops does not determine how to calculate the period for calculating interest on a loan. Therefore, the Bank of Russia believes that market participants should be guided by the general provisions of civil law,” the text of the letter says.
The Central Bank noted that the accrual of interest, starting from the date of issuance of the loan, infringes on the rights of pawnshop clients. The new rules should prevent the violation of the rights of customers.
In August, Kommersant wrote that the Central Bank began to closely monitor the situation on the pawnshop market. The Bank of Russia felt that the players were not working hard enough to prevent their own instability. The Central Bank also established new requirements for the insurance of items accepted by pawnshops as collateral.
More details – in the material “Kommersant” “Insurances were pawned in pawnshops”.
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