Protecting the pawners: appraising the role of ministry of housing and local government
The role of consumer credit in modern society is vital particularly when poor economic conditions prevail and cost of living soars. It is prevalent that low and middle-income earners pledge their valuable in exchange for cash by resorting to pawnshops which are often labeled as a bank for poor. B...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English English |
| Published: |
Science & Engineering Research Support Society (SERSC)
2019
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/75585/1/75585%20-%20Protecting%20the%20Pawners.pdf http://irep.iium.edu.my/75585/7/75585_Protecting%20the%20pawners_scopus.pdf http://irep.iium.edu.my/75585/ http://sersc.org/journals/index.php/IJAST/article/view/886 |
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| Institution: | Universiti Islam Antarabangsa Malaysia |
| Language: | English English |
| Summary: | The role of consumer credit in modern society is vital particularly when poor economic
conditions prevail and cost of living soars. It is prevalent that low and middle-income
earners pledge their valuable in exchange for cash by resorting to pawnshops which are
often labeled as a bank for poor. Being on the disadvantage side of having low
bargaining power, the role of a regulator is indispensable. Therefore, this study
examines the role of Ministry of Housing and Local Government which has been
mandated to safeguard the interest of pawners under conventional pawnbroking
transaction in Malaysia. The scope of discussion covers its institutional set-up,
organisational structure while regulatory powers concentrate on licensing and
enforcement based on the relevant statutory provisions. The discussion identifies several
shortcomings in respect of licensing requirements, enforcement powers and human
resources. Overall, the study finds that entrusting this ministry with consumer protection
function is inappropriate. Recommendations to enhance protection for this class of
consumer are proposed. |
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