Section 8

Every pawnbroker shall annually take out from the Registrar a licence for carrying on his business for which there shall be charged and paid before the grant of the licence such fee as the Minister may prescribe. Application for a licence shall be made in accordance with such rules as may be made under section 50.

Licences shall be subject to such conditions, if any, as may be imposed by the Registrar in addition to those prescribed in section 9.

A separate licence shall be taken out and paid for by a pawnbroker for each pawnbroker’s shop kept by him.

Every licence shall be dated on the day on which it is granted and shall determine on 31st December of each year.

Any person who acts as a pawnbroker or holds himself out as carrying on the business of pawnbroking without having in force a valid licence granted by the Registrar shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a second or subsequent conviction, shall in addition be liable to imprisonment for a term not exceeding 12 months.