Pawnbrokers Act, 1964

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SECOND SCHEDULE

Notice to be exhibited in every pawnbroker's premises

Section 13 .

PAWNBROKERS ACT, 1964

Interest on Loans

1. On any loan made under this Act in respect of every two shillings lent, for every calendar month during which the pledge remains in pawn _______ one halfpenny.

Note

(1) If the term of the loan is less than one calendar month, it will be charged for as one month.

(2) After the first calendar month, a part of a month exceeding seven days will be charged for as a month and a part of a month not exceeding seven days will not be charged for.

(3) Where the loan is less than two shillings, it will be charged for as two shillings. Where it exceeds two shillings or any even multiple of two shillings, any odd fraction of two shillings will not be charged for.

Charge on Pawn-ticket

2. In respect of each pawn-ticket _______ two pence.

Charge on Valuation of Pledge

3. Where the loan is ten pounds or under, for valuation fee on each five shillings or part of five shillings lent _______ two pence.

Charge on Inspection of Sale Book and Auctioneer's Catalogue

4. For the inspection of the entry of a sale _______ six pence.

Charge on Form of Declaration

5. For a form of declaration _______ six pence.

Redemption and Disposal of Pledges

6. (1) Pledges, other than those made up wholly or partly of gold, silver or other precious metal or of any precious or semi-precious stone must be redeemed within six calendar months and seven days from the date of pawning but, if the interest is paid at any time within the above period, the redemption period will be extended for a further period of six months and seven days from the date up to which the interest is paid. Pledges made up wholly or partly of gold, silver or other precious metal or of any precious or semi-precious stone must be redeemed within one year and seven days from the date of pledging.

(2) At the end of the redemption period—

(a) pledges pawned for two pounds or under, excluding pledges made up wholly or partly of gold, silver or other precious metal or of any precious or semi-precious stone, will become the pawnbroker's own property;

(b) all other pledges may be sold by the pawnbroker by sale by public auction in the manner provided by law and not otherwise. Such pledges may, however, be redeemed at any time before the day of sale.

Surplus on Sale of Pledge

7. Within twelve calendar months after the sale by public auction of a pledge, the pawner may inspect the account of the sale in the pawnbroker's book and in the auctioneer's catalogue, on payment of a fee of six pence and receive any surplus produced by the sale. But a deficit on the sale of one pledge may, in certain circumstances, be set off against a surplus on another.

Damage to Pledge

8. (1) If a pledge is destroyed or damaged by fire, the pawnbroker, if the pawn-ticket is tendered to him before the expiry of the period within which the pledge would have been redeemable, will be bound to pay an amount equal to one-half of the amount of the loan.

(2) If a, pledge, through default, neglect or wilful misbehaviour on the part of the pawnbroker, is lost, destroyed or is of less value at the time of redemption than it was at the time of pawning, the owner may apply to the District Court for compensation and the Court may, if it thinks fit, award compensation in respect of the damage, and the amount so awarded shall be deducted from the sum payable to the pawnbroker, or as the case may require, shall be paid by the pawnbroker in such manner as the Court may direct.

Loss of Pawn-ticket

9. If a pawn-ticket is lost, mislaid or stolen, the pawner should at once apply to the pawnbroker for a form of declaration to be made before a Notary Public, a Commissioner for Oaths or a Peace Commissioner; otherwise the pawnbroker will be bound to deliver the pledge to any person who produces the pawn-ticket to him and claims to redeem the pledge.