DUSHANBE, February 1, 2013, Asia-plus — On Friday February 1, the Majlisi Namoyandagon (Tajikistan’s lower chamber of parliament) Committee on Economy and Finance hosted parliamentary hearing on a pawnshop bill.
The hearing reportedly brought together parliamentarians, representatives of the government, tax officials and private entrepreneurs.
Presenting the bill, Safarali Rajabov, Head of the Majlisi Namoyandagon Committee on Economy and Finance, noted that the law had been drafted by a group of deputies of the Majlisi Namoyandagon and more than 120 amendments had been proposed to the bill during discussions of it in the Majlisi Namoyandagon committees and commissions.
According to Domullojon Jabborov, who is one of authors of the bill, dozens of pawnshops now successfully function across Tajikistan, “but their activities are not regulated by the country’s legislation.”
Tajik parliamentarians have reportedly studied experiences of Russia, Armenia, Kyrgyzstan, Kazakhstan and Belarus while drafting the law on pawnshops.
A pawnshop offers secured loans to people, with items of personal property used as collateral. If an item is pawned for a loan, within a certain contractual period of time the pawner may redeem it for the amount of the loan plus some agreed-upon amount for interest. The amount of time, and rate of interest, is governed by law or by the pawnshop”s policies. If the loan is not paid (or extended, if applicable) within the time period, the pawned item will be offered for sale by the pawnshop.
