New South Wales Consolidated Acts

PAWNBROKERS AND SECOND-HAND DEALERS ACT 1996 - SECT 31

31 Application of proceeds of sale

(1) If any pawned goods are sold for more than the full amount of the principal and interest that was due at the time of the sale, the surplus proceeds of the sale must, if claimed within the period of 12 months commencing with the date of the sale, be paid on demand (orally or in writing at the business premises of the pawnbroker, or elsewhere in any manner as agreed) to:

(a) the person by or for whom the goods were pawned, or

(b) any person claiming for or under that person, or

(c) that person’s executor or administrator in the case of his or her death.

(2) If subsection (1) is contravened, the pawnbroker to whom the goods were pawned is guilty of an offence.

Maximum penalty: 50 penalty units.

Note: The expression “surplus proceeds” is defined in section 3.