[ S.L.269.01 IL-MONTI (PROCEDURE) 1 SUBSIDIARY LEGISLATION 269.01 IL-MONTI (PROCEDURE) REGULATIONS 1st April, 1977 LEGAL NOTICE 44 of 1977, as amended by Legal Notices 5 of 1985, 77 of 1990, 90 of 1995, 423 of 2007 and 123 of
- The title of these regulations is the Il-Monti (Procedure) Regulations.
- In these regulations, unless the context otherwise requires - "the Act" means the Monte di Pietà Act; "cash", for the purposes of these regulations, does mot include any cheques withdrawn from the Treasury; Title. Interpretation. Amended by: L.N. 90 of 1995; L.N. 123 of
- Cap.
- "Commissioner" means the Commissioner for Revenue and, to the extent of any delegation made in accordance with the provisions of regulation 3, includes any person so delegated; "pledge" means and includes any article of gold or silver or of other jewellery delivered to the Commissioner as security for the advance of money on loan by Il-Monti pursuant to the provisions of the Act.
- The administration of Il-Monti shall be vested in the Commissioner who may, in writing and subject to such limitations a s h e m a y t h i n k f i t , d e l e g a t e t o a n y o ff i c e r s e r v i n g i n h i s department, any of the rights, duties, powers and other functions conferred or imposed upon him by these regulations in the administration thereof. Administration.
- Il-Monti shall open for business on the days and hours as prescribed by the Commissioner. Days and hours of business. Substituted by: L.N. 123 of
- No money shall be advanced on loan by Il-Monti to persons who are under eighteen years of age; nor shall it accept pledges from, or return them to, such persons. Persons under eighteen years of age.
- Any person seeking to obtain a loan from Il-Monti against the delivery of a pledge, and any person seeking to withdraw a pledge on repayment of the relative loan, shall furnish to the Commissioner his full name and address, as well as such other particulars or documents as may be necessary to establish the identity of the said person. Details to be provided to Commissioner. 7.
(1)Subject to the provisions of regulation 9, Il-Monti shall not give on loan any amount of less than two euros
(2)in any transaction, nor shall it give on loan any amount in excess of six hundred euros
(600)in any transaction. Minimum and maximum of amount of loan. Amended by: L.N. 423 of 2007.
(2)Any question regarding what constitutes a transaction for the purpose of subregulation
(1)shall be determined by the Commissioner in his absolute discretion. 2 [ S.L.269.01 IL-MONTI (PROCEDURE) Minimum interest payable. 8. Irrespective of the time elapsing between the day on which a loan is advanced by Il-Monti and the day on which the loan is repaid, the minimum amount of interest chargeable shall be that chargeable for thirty days. Valuation of pledges. 9.
(1)No loan shall be advanced by Il-Monti as will exceed three-fourths of the value of the gold or silver content of the relative pledge, plus one half of the value of any diamonds, pearls, or other precious stones encrusted therein.
(2)Values for the purposes of subregulation
(1)shall be determined by the Commissioner whose decision on the matter shall be final. Renewal of loans. 10.
(1)Where any loan advanced by Il-Monti is renewed, a fresh valuation of the r elative pledge shall be made by the Commissioner.
(2)No loan shall be renewed unless the interest due up to date of renewal is first paid. Tickets. Amended by: L.N. 123 of 2021. 11.
(1)When the Commissioner receives a pledge from any person against the advance of a loan, he shall issue to the said person a ticket in the relative form as prescribed by the Commissioner.
(2)The ticket shall be surrendered to the Commissioner on repayment of the loan, and the Commissioner shall then return the pledge against which the loan was originally advanced. No receipt shall be released by the Commissioner in respect of loan money so repaid. Sequestration of pledges when tickets are lost, etc. Amended by: L.N. 123 of 2021. 12.
(1)If any person loses the ticket referred to in regulation 11
(1), or if such ticket is destroyed or otherwise misplaced, the owner of the pledge shall file a statement with the Commissioner in the relative form as prescribed by the Commissioner.
(2)Where the Commissioner is satisfied that any such report made to him is genuine, he shall cause to be made a note of sequestration in the relative form as prescribed by the Commissioner.
(3)Pledges which have been sequestered in accordance with the provisions of this regulation shall not be withdrawn before the lapse of three years from the date on which the relative loan had been made.
(4)Withdrawal of pledges which have been sequestered in accordance with the provisions of this regulation shall only be effected on the furnishing of security to the Commissioner ’s satisfaction for the payment of the real value of the pledge. Security shall also be provided in the case of repayment of any surplus remaining after the sale of sequestered pledges. Sale of unredeemed pledges. 13. The sale of unredeemed pledges by public auction (including the sale of pledges which have been sequestered in accordance with the provisions of regulation 12) shall take place in such premises and at such time as the Commissioner may fix by notice published in the Gazette, so however that, between the publication of the said notice and the holding of the sale, pledges which are to be offered for sale shall be exhibited to the public on IL-MONTI (PROCEDURE) [ S.L.269.01 3 the premises of Il-Monti. 14.
(1)Tickets and other records regarding loans and pledges may be destroyed by the Commissioner after the lapse of ten years from the repayment of the relative loans and the redemption of the relative pledges, or from the payment of any surplus regarding pledges sold by public auction. Preservation of records.
(2)Tickets and other records relating to surpluses which are not claimed by owners of sold pledges, may be destroyed on the lapse of ten years from the date of the sale of the relative pledge. 15. Except as may be necessary for the purposes of these regulations, or for the prevention of fraud or theft, or except where a competent Court otherwise directs, every person having any official duty or being employed in the administration of these regulations shall regard and deal with as secret and confidential - Secrecy. (
- a)tickets and other documents or records relating to the functions of Il-Monti; (
- b)the delivery to Il-Monti of any pledge pursuant to the provisions of the Act; (
- c)information concerning the above matters or regarding any loan made by Il-Monti. 16. Subject to the provisions of these regulations, the financial matters of Il-Monti shall be managed in the same way as the affairs of the departments of Government, and they shall be subject to all laws and regulations made for this purpose and to all administrative directives issued by the competent authority governing such matters: Provided that (
- a)the Minister shall by warrant authorise the advance out of the Treasury Clearance Fund of sufficient capital to Il-Monti to enable it to carry out its functions under article 3
(3)of the Act and the loan assets referred to in subarticle
(1)of the said article shall be deemed to have been so advanced on the date of commencement of these regulations; (
- b)monies received on the redemption or sale of pledges shall be kept by the Commissioner for the day-to-day business of Il-Monti, so however that (
- i)the amount of cash kept on the premises of IlMonti shall not exceed twelve thousand euros (12,000) at the end of any day, (
- ii)interest received during any one month shall be passed to Revenue, and (iii) the total amount of any surpluses referred to in paragraph (
- c)which are repaid during any month shall be debited to the deposit account mentioned in the said paragraph; (
- c)the Accountant General shall operate a deposit account into which shall he paid all surpluses referred to in article 4
(2)and article 5
(1)of the Act pending either Financial matters. Amended by: L.N. 5 of 1985; L.N. 77 of 1990; L.N. 423 of 2007. 4 [ S.L.269.01 IL-MONTI (PROCEDURE) their recovery by the owners of the sold pledges, or the lapse of the period mentioned in the said subarticles, when they shall be passed to Revenue. Offences. Amended by: L.N. 423 of 2007. 17. If any person (
- a)gives any false information for the purposes of regulation 6; or (
- b)falsely reports that he has lost a ticket regarding any pledge or that such ticket has been destroyed or otherwise misplaced, such person shall be guilty of an offence and shall, without prejudice to any heavier punishment under any other law, be liable on conviction to a fine (multa) of not less than fifty-eight euros
(58)and not exceeding two hundred and thirty euros
(230)for each such offence. SCHEDULE (Regulation 11) Repealed by Legal Notice 123 of 2021.