Appraisers must write the amount of their estimate and the amount of the loan to be granted by the institution in full on the appraisal form and sign it.
The Guidance and Supervisory Board determines the duration of the loans. This may not exceed two years, including the extension of loans. However, borrowers have the option of releasing their property before the end of the loan term, or requesting renewal of their commitment at the end of the loan term. Agreement to this renewal is subject to the payment of accrued interest and duties and the repayment of the…
The amount of the loans, where they are secured by platinum, gold or silver goods, may not exceed four-fifths of their estimated value by weight. For other goods, this amount may not exceed two thirds of their estimated value.
I. – Pursuant to article L. 312-3 of the French Consumer Code, municipal credit banks that grant a loan against tangible collateral must provide the borrower with information concerning : 1° The identity and geographical address of the lender ; 2° The type of loan 3° The type of goods that may be pledged; 4° How the appraisers will assess the appreciable value of the asset; 5° The total amount…
I. – Any person pledging items must sign the deed recording the pledge of these items. This deed shall be drawn up in writing or on another durable medium. II. – The deed formalising the agreement of the borrower and the cashier to the loan shall be drawn up in type no smaller than eight-point type. It must state the following information clearly and legibly: 1° The identity and geographical…
An acknowledgement of delivery of the loaned item is issued by the caisse to the borrower at the same time as the borrower receives payment of the amount loaned. This acknowledgement is either issued to the bearer or in the name of the borrower, depending on the criteria defined by the Guidance and Supervisory Board. It contains the number and date of the commitment, a description of the pledged asset,…
In the event of loss of the acknowledgement of deposit of a pledged item, the borrower must immediately inform the institution. The institution shall record this loss in the deed referred to in II of article D. 514-9 or on the computer medium on which the deed was recorded. In this case, the borrower may only obtain the return of the pledged item at the end of the repayment period…
If the institution loses all or part of the pledged item, the borrower is compensated by paying a sum equal to the appraised value of the item. This sum is increased by a fixed indemnity of 25%. The amount of this flat-rate compensation may be increased by a decision of the Guidance and Supervisory Board, if the Director refers the matter to it for this purpose.
If the pledged item deteriorates, the borrower may relinquish it to the institution, subject to payment of compensation determined in accordance with the procedures set out in article D. 514-12. In this case, the item may be sold by auction on behalf of the institution. If the borrower prefers to take the item back as is, he/she will receive compensation equal to the difference between the current replacement value of…
Pledged assets which have not been released or renewed by the end of the term stipulated in the acknowledgements issued to the borrowers, or for which an additional term has not been granted by the Director, shall be sold by public auction on behalf of the institution. The Director shall draw up a list of the pledged assets to be sold. This list shall be made enforceable by an order…
Our French business lawyers are here to help.
We offer a FREE evaluation of your case.
Call us at +33 (0) 1 84 88 31 00 or send us an email.
is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
Resources
is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
Useful links
Our French business lawyers are here to help.
We offer a FREE evaluation of your case.
Call +33 (0) 1 84 88 31 00 or send us an email.
All information exchanged through this website will be communicated to lawyers registered with a French Bar and will remain confidential.
