Consumer Education - Pawnshop Regulations

Need to open a pawnshop business? See below;

LIST OF LICENSING/EXEMPTION REQUIREMENTS (PAWNSHOPS)

1. Covering letter on business letterhead
2. Contact details (Physical & postal addresses and telephones numbers, include email and website if available)
3. Vetting documentation ( personal questionnaire, police clearance, SV 1 FORM, IDs, bank Details, certified true copies of identities of key personnel)
4. Proof of financial liquidity – certified to be in bank
5. Statutory documentation – (Proof of incorporation – certificate of incorporation, registration of business name etc).
6. Detailed 3-5 year business plan (including financing plan & financial projections).
7. Latest financial statements, for existing businesses.
8. Resume (CVs for Managers, Directors and other key personnel.
9. Resolution of board of directors.
10. Proof availability of pawnshop premises including storage facility for pawned goods held as security (lease agreement or letter of intent for that purpose).
11. Proof of assessment of goods to determine originality (provide an information on how you assess that goods belong to person pawning them off, i.e. not stolen goods).
12. Standard proposed business forms for customers (loan agreement, loan application, incoming/outgoing pawned assets records/forms etc)
13. Proposed dispute resolution and complaints guidance
14. Source of start –up capital.
15. Value of goods/collateral being pawned (please provide information on the procedure for the valuation of goods).
16. Full names of shareholders and percentage shareholding in the company.
17. Indicate if company is operating or not (Date started operating if operating)
18. Consent of spouse form or equivalent (For couples married in community of property).
19. Provide residence and work permits for non-citizens.

For more information, please contact the Lending Activities department at 3102595/3686100.