From American Banker By TAMAR FRANKEL July 10, 2014 Many contributors helped bring about the most...
Pawnshops Regulation Act (Presidential Decree 114)
(enacted in 1973)
The Pawnshops Regulation Act (Presidential Decree 114) of 1973 governs the regulation of pawnshops in the Philippines.
The act is organized as follows:
- Form of organization;
- Registration and licensing;
- Citizenship requirement;
- Loan amounts;
- Interest rates;
- Record keeping;
- Pawn tickets;
- Disposition of pawn on default of pawner;
- Closing and removal of business period;
- Grant of authority to the Bangko Central; and