Singapore legislation
Section 3
Section 3
Persons to be deemed pawnbrokers
(1)
Any person who —
receives or takes of or from any person whomsoever any goods or chattels by way of security for the repayment of any sum or sums of money, not exceeding $1,000 advanced thereon; or
purchases or receives or takes in goods or chattels and pays or advances or lends thereon any sum or sums of money, not exceeding $1,000, with or under an agreement or understanding express or implied or to be from the nature and character of the dealing reasonably inferred that those goods or chattels may be afterwards redeemed or repurchased on any terms,shall be deemed to be a person carrying on the business of taking goods and chattels in pawn, and every such transaction, article, payment, advance and loan shall be deemed a pawning, pledge or loan respectively within this Act.
(2)
Nothing in this Act shall extend to any loan of money exceeding $100 and secured by a pawn or pledge, if the rate of interest does not exceed 10% per annum and if no further or other profit or advantage is taken or agreed for on the loan, or shall extend to prevent a pawnbroker under this Act from taking in pawn goods or chattels exceeding in value the sum of $1,000 or lending thereon a sum exceeding that amount.