Temporary Relief on EIR Disclosure in Pawn Tickets

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BSP CIRCULAR NO. 787: Temporary Relief on EIR Disclosure in Pawn Tickets

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Title Source: Supreme Court: Temporary Relief on EIR Disclosure in Pawn Tickets

Law: Bsp Circular No. 787

Decision Date: Feb 20, 2013

Pawnshops are granted a one-year temporary relief to disclose the effective interest rate on pawn tickets through alternative methods, as approved by the Monetary Board, while committing to use the revised standard format thereafter.

Law Summary

Alternative Methods of Compliance

Pawnshops may either stamp EIR information on existing pawn ticket inventory or print it on a separate sheet attached to the pawn ticket.
This alternative is accepted temporarily as equivalent compliance with the EIR disclosure requirement.

Specifications for Pawn Tickets

The pawn tickets used for this purpose must be the standard form mandated by BSP Circular No. 711 (January 28, 2011).

Commitment Requirement for Pawnshops

Pawnshops choosing the temporary alternative compliance must submit a Letter of Commitment to the Bangko Sentral ng Pilipinas (BSP).
The letter must be signed by the President, Managing Partner, or Proprietor.
It must undertake to use the revised pawn ticket version including the EIR disclosure within one year from the Circular’s effectivity.

Implementation and Samples

The Circular became effective immediately upon issuance on February 20, 2013.
Sample forms of the alternative compliance methods are annexed (Annexes A and B).

Legal Authority

The Circular was issued under the authority of the Monetary Board, evidenced by Resolution No. 163 dated January 25, 2013.
It is signed by BSP Governor Amando M. Tetangco, Jr.

END