Singapore legislation
Clause 50
Clause 50
Permitted profit and fees
(1)
When a pawnbroker lends money on the security of a pledge, the pawnbroker must not take any profit on the loan or charge any fee other than what is permitted under the Second Schedule.
(2)
A loan agreement is void to the extent that it purports to confer on a pawnbroker a right to take any profit on the loan or charge any fee other than what is permitted under the Second Schedule.
(3)
A pawnbroker which contravenes subsection (1) shall be guilty of an offence.