In the conduct of business, a pawnshop shall be guided by the standard of diligence that is expensed of “a good father of a family”, ensuring always that there is no ground to suspect that the article/s offered as pawn was an object of robbery or theft. Property shall include only such personal property which can be physically delivered to the control and possession of the pawnee. If customer requests to pay the amount in installment, do not proceed to next step and treat the transaction as. Note: THERE IS NO SUBSTITUTE TO NITRIC ACID IN GOLD TESTING. POG No. It is advisable for a beginner in this field to use a pattern of different karats of gold alloy to compare reaction against the materials being tested. 1. Assuming that the owner redeemed on March 16, 2015. Forward the “for display” jewelries, ICS and DR to General Clerk. It is believed that this method, handed down from generation to generation, serves the purpose and it can guarantee to guide us not to be deceived by the glitters that usually distract a layman’s eye. Check authenticity. 901 bangko sentral authority to check compliance with the amla, as amended; 902 declaration of policy A pawnshop that does not have records, ledgers, registers, books or documents or that refuses to permit access to its records, ledgers, registers, books or documents to an authorized BSP officer/examiner may be considered as refusal to permit an examination. SDT 26: Compute the auction or selling price of the item. Data Entry Template (DET) to generate FSS Licensing Form No. Pawnshop shall refer to a person or entity engaged in the business of lending money on personal property that is physically delivered to the pawnshop premises as loan collateral. Officers – are those persons whose duties as such are defined in the by-laws (for corporations) or those who are generally known to be the officers of the pawnshop wither thru announcement, representation, publication or any kind of communication made by the pawnshop. Update Web Application on the transfer-in4. It is through this lifelong learning in the pawnshop industry that I am able to offer my services as a pawnshop consultant to those just beginning in the industry or to already established pawnshops. Other imitations like. 10x – easy (SI1) to very easy (SI2) for a trained grader, and some way be eye-visible. Check if watch hands functions perfectly even after rotating it back and forth by 360°. Receive the duplicate official receipt and computation slip from the General Clerk. Forward reappraisal findings, ICS and DR to Accounting Department for file copy of Cebu, 4. 8791, also known as the General Banking Law of 2000, as wella s other pertinent banking laws. The screen is not as bright and vibrant as the original devices. Call Bangko Sentral ng Pilipinas (BSP) pawnshop hotline, (02)524-8713, to check if the pawnshop name you want is already taken. Press an edge of any piece of jewelry you wish to test on the Black Testing Stone leaving traces or lines of the metal on it. The pawnshop premises and furniture, fixtures and equipment of pawnshops must be insured against fire. Check functionality of the watch3. A document that is issued to the customer when they pawn. Check if the appliances are complete.3. A pawnshop that has no business/ mayor’s permit and that is not registered with the BSP is operating illegally. BSP data showed that as of June 2016, there were over 16,200 BSP-authorized pawnshops, of which 6,700 were also functioning as forex dealers, money changers or remittance agents. Being the hardest mineral known to man, diamond can be tested by means of STYLUS, a pointed instrument tipped with corrundum.It can resist scratches because it is harder than the tip (corrundum) of the instrument. Assume that the owner redeemed on December 15, 2014. Check number of articles transferred-in and its description if complete and correct based on DR.3. Profits from ancillary specialty services such electronic load for mobile phones. POG No. A one-carat size diamond may cost two items higher than two pieces of one-half carat size totaling one carat. P. Ocampo St.,Malate Manila, Philippines 1004, 2020 © BANGKO SENTRAL NG PILIPINAS - All Rights Reserved. If not, it maybe a simulated stone or a synthetic. Knurled knob located on the outside of a watch case and used for winding the mainspring. In a sense, the inclusions in a diamond are its fingerprint because these inclusions are rarely duplicated in another diamond. In accepting watches, following items needs to be considered: A small opening. (FVK).
Temporary Receipt Fee of Php20.00 for every lost pawn ticket. Receive the new pawn slip, computation slip, return PT/temporary receipt (including attachments) and cash from the General Clerk. Forward the sensitive items, pricing and DR to General Clerk. (Assumption: old transaction was, Identify foreclosed pawn items based on pawn slips. Request approval from Area Supervisor or Operations Officer. Provide pricing on “for display sensitive items” based on pricing bracket.4. It cannot be mistaking for 18K because of some LOOSE PARTICLES which are only available in these three higher karat. 4. A typical transaction begins with a potential borrower coming into the pawnshop with the item he or she wants to pledge for a loan. Receive the watches, DR and pricing from the Appraiser.2. Receive the appliances and DR from other outlet personnel2. Loren welcomes BSP's tighter rules on pawnshops. In case of pawnshops belonging to the same group of related companies, the training/seminars may be cascaded to other pawnshops within the group, subject to the following conditions: Pawnshop Operation: Transaction Flow and Procedures. Watches usually have three hands showing the hours, minutes and seconds. M-2019-013 dated 25 April 2019 on the Guidelines on the Electronic Submission of the Annual Consolidated Statement of Condition and Consolidated Statement of Income and Expenses to BSP-Supervision Data Center (SDC), Authority to Operate a Pawnshop Business - Kindly refer to page 129 of the BSP Citizen's Charter accessible at https://www.bsp.gov.ph/CitizensCharter/bspcitizenscharter.pdf for the revised processes and documentary requirements in the Application for Authority to Establish and Operate as Pawnshop, 1.1
Additional stipulations/ information enumerated under Appendix P-4b, which pawnshops may wish to incorporate in their pawn tickets, may be included without prior approval from the BSP. A stone could, for example, have a number of minute pinpoints and still grade VVS. 1. Forward ICS and DR to Appraiser, 1. Government of the Republic of the Philippines; its political subdivisions and instrumentalities; Government-owned and/or controlled corporation (GOCCs); and, Private entities or institutions registered with or supervised or regulated wither by the BSP or the SEC or the Insurance Commission (IC). Update the Web Application on the prices of displayable jewelries. Loren noted that under the new rules, pawnshops are now required to maintain a minimum level of capital relative to their portfolio, while previously they were only required to have a minimum paid up capital of P100,000. The logos are not smoothed out and can be felt; rubbing it will also remove the logo. The Description of Loan Registers of Pawnshops provided in Appendix P-1 shall be followed. Forward the duplicate official receipt and computation slip to the Appraiser. Bulky pawns may be placed outside the safe or vault but within the pawnshop premises. Forward the Duplicate copy OR to General Clerk. Segregate the items if it is (a) for display, (b) defective – scrap or (c) defective – can be repaired.3. Record the renewal transaction in the Loan Extended (LE) Book. Prepare the pawn ticket and fill-up the necessary information. Take the cap and gently apply the acid on top of the lines in the stone tester. Gold is the only yellow metal that cannot be dissolved by single acid. In accepting sensitive items, following points needs to be considered: (Refer to Memo on Suggested Appraisal Rates for Watches effective September 5, 2014). Check if the articles are complete and properly tagged.3. To check the legitimacy of a phones IMEI number and any information regarding country of production, manufacturer and model type, Type *#06# and press Dial button [the green one]. Process temporary receipt containing the same information as in the pawn ticket. If a customer decided not to push through the transaction, for any reason, but a pawn ticket has already been issued, a fee is collected to cover the cost of materials and services rendered. Dial *#06# and search in the Net.
Require the representative to sign the return pawn ticket and proceed to Process 2. Receive the LAP card, original and duplicate copy OR from cashier. Cancelled pawn tickets of Php20.00 per pawn ticket. Wet the cap of the acid bottle by gently shaking it leaving small amount of acid in the cap. Unique features (water resistant, alarm, heart rate monitor, stop watch, light, atomic or radio controlled), Materials leather or silicon strap, titanium, gold, stainless steel, platinum), Quality (weight, movement or sweep, name), Condition (functioning properly/perfectly), Known Branding (Rolex, Seiko, Rado and etc.). If proportion is too shallow it will also leak light and it may have a “fish eye” dead spot on top. SIZE – Obviously, size (along with color/relief) has a lot to do with how easy a given characteristics is to see and, as a rule of thumb, the easier it is to see, the lower the clarity grade will be. Otherwise, proceed to step 5. Check the foreclosed appliances according to:- functionality- appearance, 1.
Prepare the sold item and detach the price tag. Receive the article and DR from Area Supervisor2. (except sealed pawn items). Give the valid identification card and completed lost receipt slip to the customer. If beyond expiry period, proceed to next step. All pawns, except those which are kept inside the vault or safe, must be insured against fire. Whether it is internal or external is one: Below IF, the clarity grade is almost always set by inclusions; blemishes generally have little or no effect on it. BSP Governor Benjamin E. Diokno in the FIST draft circular said the guidelines are for all banks, government and private, and for other credit granting institutions under BSP supervision included in the FIST law (Republic Act No. 3. 2. Affix signature in the DR and give the cashier/vault custodian one copy. Typical are : no feathers, tiny bearding, tiny pinpoint (1 or 2), minor bruises, tiny chips, reflective internal graining. Grind part of metals into minute particles. With good clarity, it can produce different rays of color in the spectrum through the dispersion of light. Records should be kept up-to-date and shall contain sufficient detail so that an audit trail is established. Take pictures of the “for display” jewelries and email to FVK. Data Entry Template (DET) to generate FSS Licensing Form No. Compare the signature in the identification card if the same in the return pawn ticket. Receive the sensitive items and DR from General Clerk2. Some fakes are less obvious. Receive the DR from appliance custodian.2. Clarity makes the diamond beautiful with its fiery brilliance. Both the diamond and the hole’s edges are touching but there should be no space difference between the two edges (north, south, west, east). The email must contain the following information: month, quantity, principal, DR date, DR number and delivered by. Forward the above stapled document to General Clerk for file copy of Cebu. A subsidiary is a corporation more than fifty percent (50%) of the voting stock of which is owned by another corporation; while an affiliate is a corporation less than fifty (50%) of the voting stock of which is owned by another corporation. Staple into one group the following documents: Return pawn ticket/Temporary receipt (including attachments). The only real way to determine the exact color of a diamond is to place it beside an other diamond which has previously been graded. The bigger the diamond, the more expensive it is. amendment to bsp regulations on pawnshop.pdf - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Form No. 20K – this karat produces an obviously visible sample in the test stones. In return, the pawnshop promises not to break the trust of the pawn owner. FSS Licensing Form No. As mentioned earlier, there are some slight chemical reactions during the process that lead to some discoloration of the minute particles of metals that enables us to distinguish differences of various karat being tested. Topic 11: Foreclosure to Display/Transfer-out (Jewelries), Note: Recording of Foreclosed items in the Foreclosed Book will be on the first day following the expiry date (POG No. 03-003 Deed of Undertaking (for applicant/entity), 4.4
12K contains one half gold of total alloy. Pawn ticket shall not be smaller than 8 inches x 5 inches. The most obvious position for inclusions is directly under the table which is the window of a stone. A two-carat diamond will cost more than twice as much the pieces one-carat diamond of the same quality. The size of the pawn ticket may have to be larger to accommodate additional stipulations that should also be printed not smaller than “Arial Narrow 8”. Thin plate of glass or transparent synthetic material (usually synthesized sapphire), for protecting the dials of watches, clocks, etc. Update the Web Application on the foreclosed jewelries. 5P), Transfer of Business Location/Change of Branch Name (DET to generate Form No. Check if the items are complete and properly tagged.3. These color contrast helps to detect reaction when NITRIC ACID is applied on the gold lines. 2: Appraisal of Watches, SDT 1: Checking of Acceptability of the Watch, SDT 2: Assess the Authenticity of the Watch, SDT 3: Assess the Appearance of the Watch, SDT 4: Assess the Functionality of the Watch, SDT 5: Assess the Salability of the Watch, PRACTICAL APPLICATION NO. Forward the ICS, list of jewelry items for display and DR to Accounting Department for file copy of Cebu. Subsection 4691P.1 – Required Seminar/Training. It is so light such that it is also saleable. Compute for Maturity Date, Expiry Date and Auction Date, Compute Pawn AmountsKnow and Discuss the steps and processes involved in the different pawnshop transactions, Identify and properly use the different accountable forms and books used in pawnshop operations. SECTION 4. Get advice from FVK or GM/MNAK if they opt to pull out the item. Require the customer to sign the JS Form. Pawnshops shall maintain proof of the notice to pawner. This is due to some alloy that fuses with the gold making it a bit harder. Procedure 1.
If valid, proceed to next step. View BSP Circular No. training officers shall submit to the BSP, the list, under oath, of pawnshop personnel who have attended the lectures. Require the Appraiser to acknowledge the over-appraisal that he/she has committed. 7b. Check the Applique or brand name if perfectly carved. Update Web Application on items for display or defective. A pawnshop that uses or will use a name that is different from its registered name as mentioned in Section 4181P above or that uses or will use a name already registered and being used by another pawnshop shall indicate parenthetically under such name, the registered name of the pawnshop with the DTI or SEC, as the case may be, with the words “owned and operated by” before the registered name in the pawnshop’s s pawn tickets, official receipts, stationery and other similar documents. SDT 11: Compute the amount needed to redeem the item. Check salability4. Bulky pawns shall refer to household appliances, office machines and the like, which occupy considerable amount of space i.e., measuring at least 1.5 x 1.5 x 0.5 feet. Release the net proceeds to the customer together with the original copy of pawn ticket. Pawnshop operators also became subject to stricter The amount of interest due and payable after the maturity date of the loan shall be computed upon redemption based on the sum of the principal loan and interest earned as of the date of maturity. Data Entry Template (DET) to generate Form No. Record in the Loan Extended (LE) Book the RNS transaction. It has a very slight discoloration if examined very carefully. Receive the DR and price tags from the General Clerks2. Wipe the acid hard enough with a tissue paper or a piece of cotton cloth and again carefully compare the difference. If not, proceed to step f. Compare the signature in the identification card if same in the return pawn ticket. Take pictures of the jewelries with tags and send to Mnak/FVK for viewing thru Web. This is added to the monthly interest when the loan is renewed or redeemed after maturity date. Look into the memo of acceptable mobile phones, Check the manufacturing date (Do not accept if 2009 and below model), Check if it has a seal from National Telecommunications Commission (NTC), Check gaps between parts like the home, power and volume buttons are obvious, Test processing speed (counterfeits are far much slower), Test with different SIM cards to determine network lock (lower appraisal for units with network lock), Go to settings, scroll down and click ICLOUD, Look into the memo on acceptable items and watch out for the minimum requirements, Operate 5 – 10 minutes, require system password or disable the password, Check the charger and battery if functioning properly.