Pawnbrokers Act 2015

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2 General interpretation

3 Meanings of "pawn", "pawnbroker", "pawner" and "pledge", etc.

4 Application of Act

5 Appointment of Registrar, Deputy Registrars and Assistant Registrars

6 No pawnbroking without licence, etc.

8 Duration of licence

9 Renewal of licence

10 Grounds for refusing to grant or renew licence

11 Appeal to Minister

12 Substantial shareholding, etc., to be approved by Registrar

13 Grounds for declining to approve substantial shareholding, etc.

14 Directors and managers to be approved by Registrar

15 Grounds for declining to approve director or manager, etc.

16 Registrar to give opportunity to make representations before withdrawing approval under section 12 or 14

17 Appeal to Minister

18 Conditions of licence

19 Licensee to comply with statutory duties

20 Licensee to maintain paid-up share capital

21 Carrying on of pawnbroking business and other businesses, etc.

22 Licensee to display sign and rates, etc.

23 Licensee to keep records of pawnbroking business and transactions

24 Licensee to submit statement on pawnbroking business and transactions

25 Licensee to conduct annual audit

26 Licensee to maintain adequate insurance

27 Licensee to maintain security deposit

28 Licensee to inform Registrar if substantial shareholder, etc., becomes disqualified person

29 Licensee to inform Registrar of proceedings, etc.

30 Power to order production of information, document or thing

31 Power to seize property, etc., in certain circumstances

32 Power of court over seized property, etc.

33 Registrar’s powers may be exercised by authorised persons

34 Power to give directions

35 Composition of offences

36 Variation, suspension or revocation of licence

37 Financial penalty and forfeiture of security deposit

38 Registrar to give opportunity to make representations before taking action under section 36 or 37

39 Appeal to Minister

40 Lapsing of licence

41 Registrar’s powers when licence lapses, expires or is revoked

42 Validity of transactions not affected

43 Waiver certificate

44 Revocation, etc., of waiver certificate

45 Minister to give opportunity to make representations before revoking waiver certificate, etc.

47 Validity of transactions not affected by variation or revocation of waiver

48 Valuation to be given beforehand

49 Pawn ticket to be issued

50 Permitted profit and fees

51 Sections 48, 49 and 50 to apply, with modifications, to agreement to extend redemption period

52 Persons entitled to redeem

53 Right to redeem may be freely transferred, etc.

54 Time for redeeming pledge

55 Extension of redemption period

56 How pledge may be redeemed

57 Pawnbroker to allow redemption of pledge except in certain circumstances

58 Protection from liability when pawnbroker acts according to section 57

59 Pawnbroker’s obligations when goods redeemed

60 Pawnbroker’s liability if unable to produce goods, etc., upon redemption

61 Forfeiture and effect

62 Notice of forfeiture

63 Time for, and manner of, serving notice of forfeiture

64 Forfeiture to be sole remedy of pawnbroker

65 Consequences if pawnbroker purports to realise security interest other than by forfeiture

66 Protection of person entitled to redeem pledge but not having pawn ticket

67 Protection of rightful owner of goods wrongfully pawned

68 Preservation of rights and remedies

69 No contracting out of this Part or any rule of law

70 Providing false information to Registrar

71 Offences relating to pawning of goods and redemption of pledges

72 Offences by pawnbroker

73 Offences, etc., when goods are reported to be lost, etc.

74 Programmes and measures to prevent money laundering, terrorism financing and financing of proliferation of weapons of mass destruction

74A Cash transaction reports

75 Customer due diligence measures, additional measures and measures relating to targeted financial sanctions

77 Power of court when goods wrongfully pawned

78 Provisions relating to appeals to Minister

80 Offences by bodies corporate, etc.

81 Jurisdiction of District and Magistrates’ Courts

82 Amendment of Schedules

84 Saving and transitional provisions

Conditions of licence

18.—(1) A licensee must comply with such conditions of its licence as the Registrar may specify.

(2) For the purpose of subsection (1), the Registrar may specify —

(a)	conditions applicable to all licensees;
(b)	conditions applicable to a specified class of licensees; or
(c)	conditions applicable to a specified licensee only.

(3) The Registrar may, by written notice to a licensee, add to, vary or cancel any condition of a licence.

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