The social and political climate towards online-pawning is indifferent, there are no reservations.
There are no specific regulations for online-pawning services.
FinTechs providing online-pawning services do not exist in the Dominican Republic.
Although there are no specific regulations for online-pawning services. Traditional pawning services are regulated by Law 387 of Pawnshops of November 23, 1932. This law, although not requiring a registration or license to offer pawning services, requires pawnshops to keep a book registry, signed and sealed by the major of the town in which it is located, of all pawned items. Currently, there is a draft bill to modify Law 387 and better regulate pawnshops, as the current law has not been modified since 1932.
As per the provisions of Law 126-02 on E Commerce, Electronic Documents and Digital Signature, there are no restrictions for an entity dedicated to pawning services to offer its services by electronic means, as long as it complies with the requirements of Law 387.
José Cruz Campillo
Santo Domingo, Dominican Republic