Technical Guidelines Relating to Registration, Business Licensing and Organizational Structure for Pawnbroker Companies

As an implementation of Article 9 (9) and Article 12 (2) of Financial Services Authority (Otoritas Jasa Keuangan - “OJK”) Regulation No. 31/POJK.05/2016 on Pawnbroker Businesses (“Regulation 31/2016”),^[1] the OJK has issued Circular No. 51/SEOJK.05/2017 on Registration, Business Licensing and Organizational Structure for Pawnbroker Companies (“Circular 51/2017”).

In essence, Regulation 51/2017 serves as a set of guidelines for use by pawnbroker businesses (“Pawnbrokers”) when they undertake the various processes involved in registration, the securing of business licenses and the reporting of their various business activities.

Procedure for the Submission of Applications and Reports

Applicants intending to apply for the following documents are required to submit their applications to the OJK online (i.e., through the OJK data-communications network):^[2]