BUSINESS CONDITIONS FOR PAWNING SERVICES
1. General security and order conditions
- A business establishment must be registered, licensed or established under the law of Vietnam.
- The person in charge of security and order of a business establishment must not be one of the following subjects:
+ A person has been criminally prosecuted and being under the investigation, prosecution or adjudication by a Vietnamese or foreign procedural body.
+ A person has a criminal record on infringing upon the national security or deliberate commission of a crime liable to a prison term of 03 years or more which has not yet been expunged; or is suspended from serving a prison sentence; or is serving a non-custodial rehabilitation; or is under the mandatory supervision, or the prohibition from residence or holding certain position or running a business sector subject to security and order conditions upon the court’s decision.
+ A person is liable to the compulsory educational measures at the community; is waiting for a decision on imposition of an administrative penalty granted; is addicted to drug; is suspended from the compliance with a decision on serving a sentence in correctional institution or rehabilitation center; or has faced an administrative penalty but the period for being considered as not yet facing an administrative penalty is not satisfactory as regulated;
+ Vietnamese people who hold foreign passport and reside abroad, and foreigners, who is not permitted by a competent authority of Vietnam to stay in Vietnam.
- Conditions on fire prevention and fighting have been satisfied as referred to by the law on fire prevention and fighting.
- The person in charge of security and order of a business establishment providing pawnshop service must have at least 05 years of registered permanent residence at the commune/ward/commune-level town where the business location is registered, and within 05 years preceding the business registration date, has not faced any administrative penalty for any of the following violations: resistance of law enforcement officers, disturbance of public order, deliberate infliction of injuries, usury, gambling, organization of gambling or gambling-dens, theft, obtaining property by fraud, or illegal impoundment of property.
2. Responsibilities of pawnshop service providers
- Check personal identification papers of the person who pawns his/her property at the pawnshop, consisting of: ID card or citizen identity card or passport or other personal identification paper with photo which is issued by competent authority and still valid, and retain a copy thereof at the pawnshop.
- Make contract for pledge of property as referred to by law regulations.
-. With regard pledged property which requires ownership certificate as referred to by law, the pawnshop service provider shall only accept that property if it has legitimate ownership certificate and the original thereof shall be retained at the pawnshop during the period that property is pledged.
- If the pledged property is under the ownership of a third party, the legal letter of authorization made by the owner of that property is required.
- The property with unclear origin or obtained from illegal acts shall not be accepted for pawn.
- The interest rate of loans provided when receiving pledged property shall not exceed the interest rate regulated in the Civil Code.
- Have qualified warehouse for storing pledged property.
See in vietnamese: Điều kiện kinh doanh dịch vụ cầm đồ
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