New requirements for pawnshops have been introduced in Belarus. This is stipulated by a decree of Lukashenka, which refines the regulation of microfinance activities, reports Office Life.
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As reported by Nikolay Dik, Deputy Head of the Main Department of the National Bank, if an item deposited with a pawnshop was purchased, but later the owner demanded its return, the pawnshop will be obliged to compensate the losses to the honest buyer. This is because the pawnshop did not adequately control the moment of confirming that the collateral item truly belonged to the person who pledged it in its business processes.
Additionally, pawnshops are now subject to requirements regarding the business reputation of the managers and beneficial owners of the legal entity. According to the National Bank, this will encourage businesses towards greater social responsibility.
In general, as emphasized by the National Bank, the decree changes the current approach to defining microfinance activity. Now, even the conclusion of a single microloan will be considered such an activity. Previously, two or more instances were required.
Mobile operators have also gained the right to provide consumer microloans up to 200 basic units (currently - 8400 rubles, from January 1 - 9000 rubles). Pawnshops have also received the right to provide microloans for the same amount - without collateral and using funds from online loan operators. Previously, microloans were only secured, Nikolay Dik stressed.
Furthermore, the National Bank clarified that the document prohibits commercial microfinance organizations from attracting funds on onerous terms from property owners, their founders (participants), i.e., with interest payments exceeding the maximum level set by the regulator.
It is also prohibited to provide loans to property owners, founders (participants), employees of such an organization, and the National Bank on preferential terms — without interest payments or with interest payments below the maximum level set by the National Bank.
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