Singapore legislation

Section 41

of Pawnbrokers Act 2015

Section 41

Registrar’s powers when licence lapses, expires or is revoked

(1)

This section applies —

(a)

where a licence has lapsed;

(b)

where a licence has expired; or

(c)

where a licensee has been informed by the Registrar under section 38(6) of the Registrar’s final decision to revoke the licence under section 36(2)(b), even if the licensee has appealed against the Registrar’s decision.

(2)

This section has effect for the purposes of securing the orderly cessation of the licensee’s business of pawnbroking, protecting the interests of pawners and securing the licensee’s compliance with the provisions of this Act.

(3)

The Registrar may, for the purposes of this section —

(a)

give directions to —

(i)

the licensee;

(ii)

any director or manager of the licensee; and

(iii)

if there is no such director or manager who is able to comply with the directions of the Registrar, any person who was a director of the licensee in the 6 months before the date of the relevant event in subsection (1);

(b)

in particular, give all or any of the following directions:

(i)

direct the licensee to continue complying with all or any of its statutory duties under Division 3;

(ii)

direct that any records kept by the licensee be delivered to the Registrar, a police officer, the liquidator of the licensee (if any) or any other person;

(iii)

direct that the licensee’s place or places of business be kept open for the redemption of pledges for such period and at such times as the Registrar may specify; (iv)direct the licensee to forfeit and sell any pledges taken by it that are unredeemed;

(c)

intervene in any proceedings involving the licensee; and

(d)

apply or forfeit the whole or any part of the deposit placed by the licensee under section 27(1).

(4)

The Registrar may not take any action under subsection (1) that is inconsistent with any order of court in any proceedings involving the licensee.

(5)

A person who complies with a direction of the Registrar under subsection (3)(a) or (b) is not liable for any loss or damage suffered by any person as a result.

(6)

A person who, without reasonable excuse, fails to comply with a direction of the Registrar under subsection (3)(a) or (b) shall be guilty of an offence.

(7)

In this section, “licensee” includes a pawnbroker whose licence has lapsed or expired or is revoked.

Read in full context — Pawnbrokers Act 2015 →