PAWNBROKERS AND SECOND-HAND DEALERS ACT 1994 - SECT 41

PAWNBROKERS AND SECOND-HAND DEALERS ACT 1994 - SECT 41

41 .         Records to be made by pawnbrokers

                A pawnbroker must ensure that the following details are recorded in relation to each contract as soon as the information becomes available to the pawnbroker —

            (a)         a distinguishing number for the contract, which is to be the next number in a consecutive sequence;

            (b)         the full name and current residential address of the party pawning the goods;

            (c)         the form of identification used to verify the identity of the party pawning the goods and the number (if any) of the identification document;

            (d)         the date and time of the contract;

            (e)         a description of each of the goods to be pawned including, where applicable to the goods, the type, size, colour, brand, serial number and any distinguishing feature;

            (f)         the amount lent in respect of each of the pawned goods;

            (g)         the interest to be paid on the amount lent expressed —

                  (i)         as a percentage rate; and

                  (ii)         as an amount in dollar terms to be paid for each week or month, as the case may be, of the loan;

            (h)         the types of charges that are, or may become, payable, including those that may become payable in the event of the sale of the goods, and the amount (if known) of the charges;

                  (i)         the redemption period if it is longer than 3 months;

            (j)         the name of the person accepting the goods in pawn as, or on behalf of, the pawnbroker;

            (k)         the amount of any repayment made towards satisfaction of the loan;

            (l)         the premises where the goods will be located during the redemption period, and if the goods are moved, the name and address of the location of the goods;

            (m)         if the redemption period is extended, the new redemption period and the date of the agreement to extend the period;

            (n)         if goods are redeemed, the date of redemption;

            (o)         if unredeemed goods are sold —

                  (i)         the date of sale; and

                  (ii)         the details referred to in section 58(1);

                and

            (p)         such other matters as may be prescribed.

        Penalty: $5 000.

        [Section 41 amended: No. 46 of 2006 s. 14.]