Pawnbrokers Act 2015
Table of Contents
Long Title
Part 1 PRELIMINARY
1 Short title
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
Part 2 REGULATION OF PAWNBROKERS, ETC.
Division 1 — Licensing of pawnbrokers
6 No pawnbroking without licence, etc.
7 Grant of licence
8 Duration of licence
9 Renewal of licence
9A Licence fees
10 Grounds for refusing to grant or renew licence
11 Appeal to Minister
Division 2 — Approval of substantial shareholders, directors and managers
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
Division 3 — Conditions of licence and statutory duties of licensee
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.
Division 4 — Investigative powers
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
Division 5 — Regulatory action
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
Division 6 — Lapsing, expiry or revocation of licence
40 Lapsing of licence
41 Registrar’s powers when licence lapses, expires or is revoked
42 Validity of transactions not affected
Division 7 — Waivers
43 Waiver certificate
44 Revocation, etc., of waiver certificate
45 Minister to give opportunity to make representations before revoking waiver certificate, etc.
46 Class waiver
47 Validity of transactions not affected by variation or revocation of waiver
Part 3 RIGHTS AND OBLIGATIONS WHEN GOODS ARE PAWNED
Division 1 — Pawning of goods
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
Division 2 — Redemption of pledges
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
Division 3 — Forfeiture of unredeemed pledges
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
Division 4 — Related matters
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
Part 4 OFFENCES
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.
Part 5 PREVENTION OF MONEY LAUNDERING, TERRORISM FINANCING AND FINANCING OF PROLIFERATION OF WEAPONS OF MASS DESTRUCTION
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
76 Record-keeping
Part 6 MISCELLANEOUS
77 Power of court when goods wrongfully pawned
78 Provisions relating to appeals to Minister
79 General penalty
80 Offences by bodies corporate, etc.
81 Jurisdiction of District and Magistrates’ Courts
82 Amendment of Schedules
83 Rules
84 Saving and transitional provisions
Legislative History
Abbreviations
Comparative Table