Pantlån : om ränta och värdepappersrättsliga konflikter i pantbankernas kreditgivning

It is contended in this thesis that the introduction of a legal regime with a rateless structure, subject only to market forces and a rebuttable statutory presumption as to where the rate line of conscience should be drawn, can provide a solution if the rate charged by pawnbrokers is to be regulated. The thesis also shows that a uniform pawn ticket issued as a negotiable document of title, and transferable by special indorsement, can provide a solution to problems caused by current activities related to pawn ticket transactions.

After having identified the legal issues requiring attention in the introductory chapter, and after a short historical review of the development of institutional pawnshops and the nature of usury law, the thesis takes a comparative approach to the question, examining the legal protection available to consumer users of pawnshops in France, the Netherlands, Germany, England, USA, Australia, Norway, Denmark and Finland, in order to cast the divergent interests into bold relief and suggest how those interests can be reconciled. The thesis will then concentrate on the competing policy arguments for and against usury control. The parties’ needs addressed and the methods utilized by legislation to meet such needs are identified and evaluated.

The material differences distinguishing pawn tickets from other documents and instruments relating to personal property are next highlighted, and legislation with possible application to pawn tickets canvassed. The inadequacies of existing law are analysed in detail, and certain assumptions regarding the applicability of existing law are challenged. The thesis goes on to consider the question, drawing on historical and comparative experience, whether the law could be developed to control the exercise of pawn ticket functions. The findings of the study are then summarized and a series of recommendations made.