Oversight of pawnbrokers
We keep a register of licensed pawnbrokers and make sure that they satisfy the licensing criteria. We also enforce pawnbrokers’ compliance with the Finnish Pawnbrokers Act. Pawnbrokers have a legal obligation to conduct their business in a professional, trustworthy, healthy and cautious manner.
Unlawful conduct by pawnbrokers can be reported to the nearest Regional State Administrative Agency.
The competent Regional State Administrative Agency can revoke a pawnbroker’s licence if
- the pawnbroker is found to have seriously broken the applicable laws, decrees or regulations or if they no longer satisfy the licensing criteria,
- the pawnbroker has not engaged in business for more than six months,
- 12 months have passed since the licence was issued and the pawnbroker has still not begun trading,
- the pawnbroker is found to have provided false information in their licence application, or
- the pawnbroker has decided to discontinue their operation.
We can order pawnbrokers to discontinue their business in a certain way. We will also notify the registration authority.
If revoking a licence would be unreasonably harsh considering the circumstances, we can give the licence holder a written warning instead.
No. Pawnbrokers may only be involved in pawnbroking and other closely related activities.
Pawnbrokers may hold shares and interests in
- other pawnbroking companies
- companies or organisations whose activities are closely related to pawnbroking
- other entities if holding the shares is essential for the pawnbroking activities.
No. However, the interest rate must be reasonable as required by the Consumer Protection Act.