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Pawnbrokers Act 2015

2020 REVISED EDITION

This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021

An Act to repeal and re-enact the Pawnbrokers Act (Chapter 222 of the 1994 Revised Edition).

[1 April 2015]

PART 1

PRELIMINARY

Short title

1. This Act is the Pawnbrokers Act 2015.

General interpretation

2.—(1) In this Act, unless the context otherwise requires —

“company” means a company limited by shares under the Companies Act 1967;

“identification information” means —

(a)

in relation to an individual —

(i)	the individual’s full name (including any alias);
(ii)	the individual’s address in Singapore for the service of any notice or document for the purposes of this Act;
(iii)	the individual’s country of citizenship;
(iv)	if the individual is a citizen or permanent resident of Singapore, the individual’s Singapore identity card number;
(v)	if the individual is not a citizen or permanent resident of Singapore, the individual’s foreign identification number or foreign passport number; and [Act 32 of 2024 wef 25/11/2024]
(vi)	where provided by the individual, the individual’s telephone number or email address (or any other means by which the individual can be contacted); or

(b)

in relation to an entity —

(i)	its full name;
(ii)	the address of its registered office or place of business in Singapore;
(iii)	its legal form;
(iv)	its place of incorporation or registration;
(v)	if it is incorporated or registered in Singapore, its unique entity number;
(vi)	if it is not incorporated or registered in Singapore, its foreign incorporation or registration number; and
(vii)	where provided by the entity, its telephone number or email address (or any other means by which it can be contacted);

“licence” means a licence for pawnbroking granted or renewed under this Act;

“licensed place of business” means a place specified in a licence as a place at which a licensee can carry on the business of pawnbroking;

“licensee” means a person holding a licence, and includes a person whose licence is suspended;

“limited liability partnership” has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005;

“loan agreement” means an agreement for the loan of money on the security of a pledge;

“manager”, in relation to a pawnbroker, means a person (including a director of the pawnbroker) responsible for managing the whole or any part of the pawnbroker’s business of pawnbroking;

“Monetary Authority of Singapore” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970;

“profit”, in relation to a loan secured by a pledge, includes interest on the loan;

“redemption period”, in relation to a pledge, is to be reckoned in accordance with section 54(2) and (3);

“Registrar” means the Registrar of Pawnbrokers appointed under section 5, and includes any Deputy Registrar of Pawnbrokers or Assistant Registrar of Pawnbrokers exercising the functions of the Registrar;

“repealed Act” means the repealed Pawnbrokers Act (Cap. 222, 1994 Revised Edition) in force immediately before 1 April 2015;

“sell” includes agree to sell;

“substantial shareholder”, in relation to a company, has the meaning given by section 81 of the Companies Act 1967.

(2) For the purposes of this Act —

(a)

an entity is a disqualified person if —

(i)

it has been convicted of an offence under this Act or the repealed Act;

(ii)

it has contravened a provision of this Act or the repealed Act;

(iii)

it has been convicted of any offence under sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the Terrorism (Suppression of Financing) Act 2002 or any regulations made under the United Nations Act 2001;

(iv)

it has been convicted in Singapore or elsewhere of an offence involving fraud or dishonesty, or a finding of fraud or dishonesty;

(iva)

it has been convicted of an offence under any provision of any other written law relating to —

(A)	the prevention of money laundering;
(B)	the prevention of terrorism financing; or
(C)	the prevention of the financing of proliferation of weapons of mass destruction; [Act 6 of 2024 wef 01/05/2024]

(ivb)

it has been convicted of an offence under the law of any foreign country or territory relating to —

(A)	the prevention of money laundering;
(B)	the prevention of terrorism financing; or
(C)	the prevention of the financing of proliferation of weapons of mass destruction; [Act 6 of 2024 wef 01/05/2024]

(v)

it is a company and has been ordered to be wound up or liquidated under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law; or

(vi)

it has been ordered to be dissolved under any written law; and

(b)

an individual is a disqualified person if —

(i)

the individual has been convicted of an offence under this Act or the repealed Act;

(ii)

the individual has contravened a provision of this Act or the repealed Act;

(iii)

the individual has been convicted of any offence under sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the Terrorism (Suppression of Financing) Act 2002 or any regulations made under the United Nations Act 2001;

(iv)

the individual has been convicted in Singapore or elsewhere of an offence involving fraud or dishonesty, or a finding of fraud or dishonesty;

(iva)

the individual has been convicted of an offence under any provision of any other written law relating to —

(A)	the prevention of money laundering;
(B)	the prevention of terrorism financing; or
(C)	the prevention of the financing of proliferation of weapons of mass destruction; [Act 6 of 2024 wef 01/05/2024]

(ivb)

the individual has been convicted of an offence under the law of any foreign country or territory relating to —

(A)	the prevention of money laundering;
(B)	the prevention of terrorism financing; or
(C)	the prevention of the financing of proliferation of weapons of mass destruction; [Act 6 of 2024 wef 01/05/2024]

(v)

the individual is or was a director or substantial shareholder of an entity and, in that capacity, consented to or connived in the commission by the entity of an offence under this Act or the repealed Act; or

(vi)

the individual is an undischarged bankrupt.

[40/2018]

Meanings of “pawn”, “pawnbroker”, “pawner” and “pledge”, etc.

3.—(1) In this Act, unless the context otherwise requires —

“business of pawnbroking” means the business of lending money on the security of pledges;

“pawn” means to give possession of goods to a lender of money as security for the repayment of a loan;

“pawnbroker” means a person who carries on a business of lending money on the security of pledges;

“pawnbroking” means lending money on the security of a pledge;

“pawner” means a person who pawns goods to a pawnbroker, whether or not the person has any title to, or is authorised to deal in, those goods;

“pledge” means goods that are taken into possession by a lender of money as security for the repayment of a loan.

(2) In this Act, unless the context otherwise requires, goods are taken in pawn if the goods are taken into possession by a lender of money as security for the repayment of a loan.

(3) For the purposes of this Act, in determining whether a person is lending money on the security of a pledge, and whether goods have been pawned —

(a)

regard must be had —

(i)

to the substance of the transaction and not to its form or legal technicalities; and

(ii)

in particular, to the ordinary understanding of the person giving possession of the goods as to —

(A)	the nature of the transaction; and
(B)	the reason or basis on which possession of goods is given to the lender;

(b)

it does not matter that the terms of the loan transaction provide that the lender has taken possession of the goods at the request of or on behalf of the person giving possession of the goods or otherwise, so as to give the appearance that the lender does not rely on possession of the goods as security for the repayment of the loan; and

(c)

goods can be considered pawned, and money can be considered lent, on the security of a pledge even if the loan also gives rise to a mortgage of the goods.

(4) For the purposes of this Act, the First Schedule may specify —

(a)

any transaction where goods are deemed or deemed not to be pawned; and

(b)

in respect of any transaction where goods are deemed to be pawned —

(i)	the person deemed to be the pawner;
(ii)	the sum deemed to be loaned; and
(iii)	the profit deemed to be taken for the loan.

Application of Act

4. This Act does not apply to any entity regulated or exempted by the Monetary Authority of Singapore under any written law, to the extent that the entity is permitted or authorised to carry on the business of pawnbroking or is not prohibited from carrying on the business of pawnbroking under that written law.

Appointment of Registrar, Deputy Registrars and Assistant Registrars

5.—(1) The Minister must appoint a Registrar of Pawnbrokers.

(2) The Minister may in addition appoint Deputy Registrars of Pawnbrokers and Assistant Registrars of Pawnbrokers.

(3) Subject to any direction that the Registrar of Pawnbrokers may give, a Deputy Registrar of Pawnbrokers or an Assistant Registrar of Pawnbrokers may exercise and perform all or any of the powers, duties and functions of the Registrar of Pawnbrokers under this Act.