Setting Store Rules & Regulations

Setting Up Store Rules and Regulations for Loans

Objective

This SOP outlines the steps to set up store rules and regulations for loans in compliance with state laws.

Key Steps

1. Access Settings 

• Open the application.
• On the left side, scroll down to Settings.

2. Navigate to Configuration Set 

• In the settings menu, scroll down.
• Click on Configuration Set.

3. Access Rules Tab 

• Click on the Rules tab.

4. Create a New Rule 

• Click on the three-line menu.
• Select New Rule.
• Choose Loan as the type.

5. Set Loan Parameters 

• For the first three months, select Tenure as 3 months.
• Set the Minimum Amount for Loans to $5.
• Set the Maximum Amount for Loans to $1,000,000.

6. Define Interest Charges 

• Set the interest charge for Idaho at 20%.
• Set a reduced charge of 10% for customers.

7. Repeat Rule Setup 

• Repeat the process for any additional rules based on state regulations.

8. Create a New Configuration Set 

• Go back to the Configurations tab.
• Click on New Configuration Set.
• Select Loan as the feature.

9. Name the Configuration Set 

• Give the configuration set a name (e.g., Shop Regs 10 Year 3 Months).

10. Select Interest Charges 

• Choose the interest charges you set up for the first three months.

11. Save Configuration Set 

• After selecting all rules, click Save to finalize the configuration set.

12. Contact Support for Questions 

• If you have questions or need specific rules for your state, contact the support team.

Cautionary Notes

• Ensure compliance with state-specific regulations for pawnshops.
• Double-check all entries for accuracy before saving.

Tips for Efficiency

• Familiarize yourself with state regulations before starting the setup.
• Prepare all necessary information (interest rates, loan amounts) in advance to streamline the process.

Link to Video

https://youtu.be/eHtxlpzK_uw