General Terms and Conditions

for pawn loans

1. Scope

These General Terms and Conditions apply to all pawn loans. In addition, the provisions of the Ordinance on the Business Operations of Commercial Pawnbrokers (Pawnbroker Ordinance - Pfandleiherverordnung, PfandlV), as amended from time to time, apply.

2. Pawn loans

Pawn loans are granted exclusively against delivery and pledging of suitable valuables.

The amount of the loan depends in particular on the nature, condition, authenticity, marketability and lending value of the pledged item.

There is no entitlement to acceptance of an item or to the grant of a loan in a specific amount.

The pledgor warrants that they are entitled to pledge the item and that no third-party rights stand in the way of the pledge.

3. Pawn ticket

A pawn ticket is issued for every pawn loan. It sets out the essential particulars of the pawn loan, in particular the loan amount, a description of the pledged item, the due date, and the agreed interest and charges.

The pawn ticket must be kept safely.

If the pawn ticket is lost, the pawnbroker must be notified without delay. Release of the pledge may be refused until the right to it has been clarified.

4. Term and maturity

The term and maturity of the pawn loan are set out in the pawn ticket.

The loan is not made payable on a date shorter than three months.

An extension may be agreed. There is no entitlement to an extension.

5. Interest and charges

The loan interest permitted under the Pawnbroker Ordinance is charged on the pawn loan.

In addition to the loan interest, a charge is levied for the costs of operating the business.

For loan amounts above EUR 300, the amount of the monthly charge is agreed between the pawnbroker and the pledgor.

The interest and charges applicable to the particular pawn loan are notified before the contract is concluded and are stated in the pawn ticket or the pawn loan agreement.

6. Safekeeping and insurance

For the duration of the pawn loan, the pledged item is kept and insured in accordance with the statutory provisions.

The pawnbroker is liable for loss of or damage to the pledge in accordance with the statutory provisions.

7. Redemption

The pledgor may redeem the pledge by repaying the loan and paying the interest accrued, the charges and any other costs permitted by law.

The item is released against presentation of the pawn ticket and, where necessary, after the presenter's entitlement has been checked.

8. Extension

An extension of the pawn loan may be agreed before the relevant periods expire.

As a rule, this requires payment of the interest, charges and other permitted costs that have fallen due up to that point.

Before an extension, the pawnbroker may carry out a fresh valuation of the pledged item.

9. Realisation of the pledge

If, after the loan has fallen due, the pledge is not redeemed and the pawn loan is not extended, it is realised in accordance with the Pawnbroker Ordinance and the other statutory provisions.

Realisation is, as a rule, by public auction in accordance with the statutory provisions.

10. Surplus on realisation

If the proceeds of realisation exceed the pawnbroker's claims, including the interest, charges and costs of realisation permitted by law, a claim exists in respect of the remaining surplus in accordance with the statutory provisions.

The treatment and release of a surplus on realisation are governed by the Pawnbroker Ordinance.

11. Limited to the pledge

The pawnbroker satisfies its claims for repayment of the loan and for interest, charges and costs, as a rule, solely out of the pledge.

In accordance with the statutory provisions governing the pawnbroking business, the pledgor is not personally liable for any shortfall arising on realisation.

12. Pawnbroker Ordinance

In addition to these General Terms and Conditions, the provisions of the Ordinance on the Business Operations of Commercial Pawnbrokers (Pawnbroker Ordinance - Pfandleiherverordnung, PfandlV), as amended from time to time, apply.

Where a provision differs, the statutory rules prevail over these General Terms and Conditions.

13. Final provisions

German law applies.

Should individual provisions of these General Terms and Conditions be or become invalid in whole or in part, the statutory rules and the validity of the remaining provisions are unaffected.