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Ceturtdiena 24.05.2018 | Name days: Marlēna, Ilvija, Ziedone
LatviaLatvia

Pawn shops not to work during night hours anymore

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Starting from May 1, 2011 restrictions on pawn shop working time in the dark hours of the day (from 20:00 to 8:00) have entered into force. Similarly, requirements for compulsory pawn shop pledge records have become effective with full transition to electronic pledge registration until January 1, 2012. Also, requirements for safe retention of pledge claims have come into effect, the Economics Ministry informs the business news portal BNN.

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThese requirements include individual pledge storages, video surveillance and mandatory security contracts, as well as lenders’ obligation to insure their civil liability for damage to the deposited pledge caused by their action or inaction.

New provisions have also entered into force regarding information included in consumer lending contracts and the provision of pre-contract information.

The Cabinet of Ministers’ provisions stipulate including not only information on the transaction terms and consumers’ obligations, but also on the consumer rights provided by the legislation.

Similarly, it also provides what information the consumer should receive before concluding a lending agreement. Prior to the agreement conclusion, the lender is to provide relevant information regarding the lending services by completing specially-designed standard form, indicates the Economics Ministry.

This information contains the offered lending service’s key aspects and costs, so that it is easier for consumer to compare different lenders’ offers. Moreover, consumers are also entitled to receive contract’s copy to examine it in more convenient time and place or seek specialist advice before signing the contract.

 


Leave a reply

  1. Sibel says:

    Hope this reduces crime!

    Thumb up 0 Thumb down 0

  2. me says:

    they do not need giving pre-contractual information! Read rules more carefully!

    Thumb up 0 Thumb down 0

  3. Queenie says:

    That’s not just the best anwser. It’s the bestest answer!

    Thumb up 0 Thumb down 0

  4. Jenay says:

    Hey, subtle must be your midlde name. Great post!

    Thumb up 0 Thumb down 0

  5. River says:

    Got it! Thanks a lot again for hlepnig me out!

    Thumb up 0 Thumb down 0

  6. Nelda says:

    This article achieved ecxtlay what I wanted it to achieve.

    Thumb up 0 Thumb down 0

  7. Lyddy says:

    This is way bteter than a brick & mortar establishment.

    Thumb up 0 Thumb down 0

  8. Cheyenne says:

    I was so confused about what to buy, but this makes it undesrnatdable.

    Thumb up 0 Thumb down 0

  9. Shanna says:

    A million thakns for posting this information.

    Thumb up 0 Thumb down 0

  10. Kapri says:

    I had no idea how to approach this befroe-now I’m locked and loaded.

    Thumb up 0 Thumb down 0

  11. Melvina says:

    Your story was really informative, tanhks!

    Thumb up 0 Thumb down 0

  12. Tessa says:

    I’m shkoecd that I found this info so easily.

    Thumb up 0 Thumb down 0

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