New South Wales Consolidated Acts

PAWNBROKERS AND SECOND-HAND DEALERS ACT 1996 - SECT 32D

32D Sale or transfer of business

(1) If a pawnbroker sells or transfers the pawnbroker’s business to a person (in this section called the "purchaser"), the rights and obligations of the pawnbroker in relation to each agreement by which goods are pawned to the pawnbroker are transferred to the purchaser.

(2) The pawnbroker must notify (in accordance with subsection (5) (a)) each person who has pawned goods to the pawnbroker under a current agreement of the transfer to the purchaser of the rights and obligations of the pawnbroker in relation to the agreement, unless the purchaser agrees in writing to give the notice.

Maximum penalty: 50 penalty units.

(3) If the purchaser agrees to give notice as referred to in subsection (2), the purchaser must notify (in accordance with subsection (5) (b)) each person who has pawned goods to the pawnbroker under a current agreement of the transfer to the purchaser of the rights and obligations of the pawnbroker in relation to the agreement.

Maximum penalty: 50 penalty units.

(4) For the purposes of this section:

(a) an agreement relating to pawned goods is current if:

(i) the goods are still able to be redeemed, or

(ii) the goods are in the process of being sold, or

(iii) any surplus proceeds of the sale of the goods are still claimable under this Act, and

(b) a reference to a pawnbroker includes a reference to a former pawnbroker.

(5) Notice under:

(a) subsection (2) must be given within the period of 14 days commencing with the date of the transfer or within such other period as may be prescribed by the regulations instead, and

(b) subsection (3) must be given within the period of 14 days commencing with the date the purchaser agrees under that subsection or within such other period as may be prescribed by the regulations instead.

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