Starting Up
Anyone thinking of establishing a pawnbroking business will need to satisfy a number of criteria
Procedural Knowledge
The Consumer Credit Act 1974 governs all forms of consumer lending which includes pawnbroking. There are general Regulations made under the Act that affect consumer credit generally and include pawnbroking but some are of particular relevance for you to know when first starting in the trade.
For this reason pawnbrokers need to understand and be able to apply particularly the provisions of sections 114 to 122 of the Act and the following Regulations made under it:
- Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) as amended
- Consumer Credit (Pawn-Receipts) Regulations 1983 (SI 1983/1566)
- Consumer Credit (Total Charge for Credit) Regulations 1980 (SI 1980/51) as amended
- Consumer Credit (Realisation of Pawn) Regulations 1983 (SI 1983/1568) as amended
- Consumer Credit (Loss of Pawn-Receipt) Regulations 1983 (SI 1983/1567)
- Consumer Credit (Conduct of Business) (Pawn Records) Regulations 1983 (SI 1983/1565)
- Consumer Credit (Disclosure of information) Regulations 2004 (SI2004/1481)
- Consumer Credit (Further increase of monetary limits order 1998 (SI 1998/997)
- Consumer Credit (Early settlement) Regulations 2004 (SI 2004/1483)
- Consumer Credit (Advertisements) Regulations 2004 (SI 2004/1484)
Further general information on legislation for lenders can be found on the Department of Trade and Industry Website www.dti.gov.uk
