Pinkas of Gmilut Khassadim - The Takanot: Loans

Pinkas of Gmilut Khassadim

The Takanot: Loans
The first Takana sets out the requirements and procedures for loans:

Takanot (1): 1, 2, 3, 4, 5, 6, 7 (first part)

1. [Purpose:] To help the people of the congregation of this Beit Midrash for one year, whether or not they are members or sometimes pray elsewhere, although members have priority.

2. Amount to be loaned: 1-15 rubles. To be increased according to the growth of the fund.

3. [For shorter-term loans:] Duration up to 4 weeks. Then [the loan must be] paid in full.

4. [For longer-term loans:] Loan in payments – 10 weeks. Each week - one-tenth of the sum [must be paid].

5. Not less than 4 days between loans for the same borrower.

6. A borrower who does not pay on time will not get another loan without a pawn or someone to guarantee for him.

7. Securities --without which no loan can be made:

  a. Signed certificate,

  b. guarantee of another person, and

  c. a pawn.

The borrower will sign a certificate indicating the amount of the loan. If he [the borrower] is unreliable – a guarantor will sign the certificate instead of the borrower. If there is no guarantor: the borrower will supply a pawn of silver or gold.

8. If the borrower is unreliable and cannot find anyone willing to act as guarantor, the heads of the society must convene and see what loan he can be granted, so as not to shame him.

Takanot (2): 7 (second part), 8, 9, 10, 11, 12, 13

Notes:

Page Last Updated: 22-Apr-2015