LAW OF THE KYRGYZ REPUBLIC

of June 22, 2016 No. 87

About activities of pawnshops

Accepted by Jogorku Kenesh of the Kyrgyz Republic on May 18, 2016

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

1) pawnshop - the legal entity (the specialized organization) performing provision of short-term loans instead of the personal estate of citizens which is under pledge;

2) activities of pawnshops - activities of the legal entities having the license on provision of short-term loans instead of the personal estate of citizens which is under pledge;

3) the pawnshop territory - the protected specialized territory of the main room intended for acceptance of borrowers, provision of short-term loans, storage of financial records, cash, pledged property;

4) small-size property - jewelry, and also other personal estate which is stored in the fireproof safes of pawnshop established in the territory of pawnshop;

5) large-size property - personal estate which is stored in the territory of pawnshop;

6) documents on loan - the loan agreement, the mortgage ticket, and also other documents established by this Law and other regulatory legal acts regulating civil legal relationship in the Kyrgyz Republic;

7) the loan agreement - the contract between pawnshop and the borrower for certain term with issue of the mortgage ticket;

8) the mortgage ticket - the document of accounting of pledge created and issued in paper form and/or in electronic form which is issued to the borrower in case of agreement signature about loan;

9) pledge - pledge type when the pledged property is transferred from the pledger to ownership to the pawnbroker according to the pledge agreement;

10) unclaimed property - the property transferred to pawnshop and unclaimed by the borrower to the terms defined by the loan agreement.

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