Canada    FinTech Guide    Chapter 12    Dominican Republic


12. Online-Pawning
Dominican Republic  Dominican Republic

The social and political climate towards online-pawning is indifferent, there are no reservations.



Legal Affairs


There are no specific regulations for online-pawning services.



Economic Conditions


FinTechs providing online-pawning services do not exist in the Dominican Republic.



Miscellaneous


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.



Contributing Authors

Jiménez Cruz Peña

José Cruz Campillo
Santo Domingo, Dominican Republic

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018