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Feb 7, 2017

Judge Hits Orange Walk Pawn Shop for Taking Over Customer’s Land

Moneylenders Laura and Julio Blanco of Pay Day and EZY Loans Pawning, located in Orange Walk Town, have been ordered by Supreme Court Justice Sonya Young to surrender a thirty-acre property they transferred into their name after a customer, Janine Vega, was not able to repay in full two separate loans totalling three thousand, five hundred dollars. News Five has obtained a copy of the judgment, which was issued on Monday. Making her ruling, Madam Justice Young agreed that moneylenders have no right under the law to take a customer’s assets, mortgaged for the loan, as their own if payment is not made as agreed. Vega took out two loans payable at ten percent interest per month or one hundred and twenty percent interest per annum. After making two payments she stopped and despite her agreement with the shop, the land in Indian Hill East Registration Section was taken away. Justice Young found that the rate of interest charged for the loans was illegal under section twenty-six of the Moneylenders’ Act and, “harsh and unconscionable.” The ticket issued by the company to Vega was found to fall short of the requirements under section thirteen of the Act, which requires the date, the amount of principal and effective annual rate of interest charged to be dictated as per a contract. The section further prohibits the company from transferring security into their name and the entire agreement was ruled unenforceable, making the enforcement of the security of the land transfer unlawful. Attorneys Estevan Perera and Kevin Arthurs represented Vega, while Magali Marin-Young represented the Blancos. We expect to have further details of this story in a subsequent newscast, but one of the attorneys did note that, “persons in Belize who are victims to these illegal loans may have recourse available to them if the loan was received and/or asset illegally confiscated within the past six years.”

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1 Response for “Judge Hits Orange Walk Pawn Shop for Taking Over Customer’s Land”

  1. Clue says:

    Now, let’s investigate how a VEGA FROM ORANGE WALK got a hold of 30 acres of land.

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