Guidelines on the Submission of Application for License/Authority to Operate a Pawnshop and Activities Requiring Prior BSP Approval or Notification

BANOKO SenrneL No PILIPINAS OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR MEMORANDUM NO. M-2019-019 To ALt PAWNSHOP OPERATORS Subject GUIDETINES ON THE SUBMISSION OF APPTICATION FOR trcENsE/AUTHORtTy TO OPERATE A PAWNSHOP AND ACTtVtTtES REqUIRING PRIOR BSP APPROVAT OR NOTIFICATION Pursuant to the approval under Monetary Board Resolution No. 514 dated 28 March 20L9 ol the amendments to P Regulations of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) as issued under Circular No. 1039 dated 03 May 2Ot9, the following operational guidelines shall be observed in the application for license/authority to operate a pawnshop and activities requiring prior BSP approval or notification. The foregoing supersedes the provisions under Memoranda Nos. M-2017-OO6 and M-2017-OO7, both dated 22 FebruaryZ0LT. l. GeneralGuidelines A. Minimum Requirements. Pawnshop operators shall adhere to the following minimum requirements for the application for license/authority to operate a pawnshop and activities requiring prior BSP approval or notification. Otherwise, the application or notification shall not be accepted. 1. Documentotion. Complete, valid and accurate documentary requirements, i.e., BSP-prescribed forms and supporting documents, shall be submitted. The BSP- prescribed forms, Data Entry Template {DET) user's guide, checklists of requirements and relevant BSP issuances are downloadable from the BSP websitel. 2. Authorized Signotory. The prescribed forms shall be signed by the authorized signatory, i.€., the proprietor/managing partner/president or officer of equivalent rank and function, or as otherwise indicated in the form. 3. Fees. Proof of payment of non-refundable filing fee of P1,000 per office and per business activity (i.e., RTC, MC/FXD) shall be included in the application or notification2. Payment may be made through any of the following: a. Cash Department at the BSP Head Office, A. Mabini Street, Malate, Manila from 9:OO am to 2:00 pm (secure an Order of Poyment ot the Sectoral I http://www. bsp.gov. ph/regulations/reg_others_pawnshop.asp 2 Except for Additionalfierminated Remittance Tie-up Partners, Closure of Branch/Remittance Sub-agent and Closure of Business A. Mobini Sl., Molote l0O4 Monilo, Philippines . (6321 7W7701 . www.bsp.gov.ph . [email protected]

Operations Monogement Deportment before proceeding to the Cosh Deportment); b. Cash Department at any BSP ReglonalOffice/Branch from 9:OO am to 2:OO pm; or c. Manager/s Check (MC) or Postal Money Order (PMO) payable to the Bangko Sentral ng Pilipinas. B. Mode of Submission. All applications and notifications shall be addressed to the Director of Finonciol Supervision Department lX, Bangko Sentral ng pilipinas, BSp Complex, A. Mobini Street, Malote, Monild and submitted via personal filing or postal/courier services to Sectoral Operations Management Department. ll. Procedural Guidelines The detailed/step-by-step procedure in accomplishing and submitting the DET is listed in the User's Guide downloadable from the BSp website. A. Application for License/Authority to Operate Entity shall submit to BsP an application for license/authority to operate a pawnshop using the DET Generated Form No. 01-001, together with the documentary requirements listed in FSS Licensing Form No. O1-OO2, for evaluation. Upon receipt of notice of approval, entity shall pay the corresponding fees i.e., licensing fee and metal plate for the release of Authority to Operate. B. Activities Requiring prior BSp Approval Pawnshop operators shall seek prior BSP approval on the activities enumerated below: Transfer of Ownership DET-Generated Form No. 2p, together with the documentary requirements listed in Forms No. 2P-1, 2p-2,2p-3, as Change of Registered/Business DET-Generated Form No. 3p, together Name with the documentary requirements listed in Form No.3P c. O1-O01 Reclassification of Pawnshop Refer to the documentary requiremen$ on: License a. application for license/authority to operate; andlor b. application for registration as RTC and MC/FXD covered by a separate Surrender of Pawnshop Operator DET-Generated Form No. 4p, together license Due to Closure of Business with the documentary requirements listed in Form No.4P

C. Activities Requiring Notification Pawnshop operators shall notify BSP on the activities enumerated below. Form No. Documentary Activity Deadline Requirements a. 5P Establishment of DET Generated-Form within five (5) business days Additional Branch No. 5P, together with from end of month of start the documentary of operations of new requirements listed in branch/es Form No.5P b. 5P Transfer of Business DET Generated Form within five (5) business days Location/ Change of No. 5P, together with after the effectivity of Branch Name the documentary transfer requirements listed in Form No.6P c. 7P Voluntary Closure of DET Generated Form within five (5) business days Pawnshop Office/Bra nch No. 7P, together with after the effectivity of the documentary closure requirements listed in Form No.7P For compliance. G. FONACIER 4 tuly zots