Pawnbrokers Act 2015 · 2020 Revised Edition · Schedules
Schedule 2 · Permitted profit and fees
Feedback & supportSECOND SCHEDULESections 50 and 82(1)Permitted profit and fees
profit
“profit”, in relation to a loan secured by a pledge, includes interest on the loan;
1. A pawnbroker’s profit on a loan must not exceed —
pawnbroker
“pawnbroker” means a person who carries on a business of lending money on the security of pledges;
1.5% of the total amount of the loan for each whole month of the term of the loan; and
if the term of the loan cannot be divided into whole months, 1.5% of the total amount of the loan for the balance of the term that is part of a month.
2. A pawnbroker must not take, or continue to take, any profit on a loan 2 months after the expiry of the redemption period.
3. A pawnbroker must not take any profit for any period that the pawnbroker refuses to deal with a pledge upon being served a notice under section 67.
pledge
“pledge” means goods that are taken into possession by a lender of money as security for the repayment of a loan.
4. A pawnbroker may charge a fee of up to $2 for issuing a pawn ticket under section 49, or under section 49 read with section 51 or 55, but only if —
pawn
“pawn” means to give possession of goods to a lender of money as security for the repayment of a loan;
the pawn ticket is not issued only for any of the following purposes in relation to an earlier pawn ticket:
changing —
the pawner’s address, telephone number or email address; or
pawner
“pawner” means a person who pawns goods to a pawnbroker, whether or not the person has any title to, or is authorised to deal in, those goods;
the name or address of the pawnbroker’s business;
correcting any error in the particulars prescribed for the purposes of section 49(2); and
the pawnbroker offers any of the following modes of payment (even if the mode of payment is not used by the pawner):
by charging to a debit card;
by an electronic funds transfer to a bank account;
by a transfer of e-money within the meaning given by the Payment Services Act 2019.[S 986/2022 wef 01/01/2023][Act 32 of 2024 wef 25/11/2024][Act 32 of 2024 wef 25/11/2024]5. A pawnbroker may charge a fee of $10 for an application under section 66 by a person claiming to be entitled to redeem a pledge but not having a pawn ticket.[S 986/2022 wef 01/01/2023]6. A pawnbroker may charge a fee of $10 for a notice under section 67 by a person claiming to be the rightful owner of goods wrongfully pawned.[S 986/2022 wef 01/01/2023]