Singapore legislation

Schedule 2

of Pawnbrokers Act 2015

Schedule 2

Permitted profit and fees

SECOND SCHEDULESections 50 and 82(1)Permitted profit and fees

1. A pawnbroker’s profit on a loan must not exceed —

(a)

1.5% of the total amount of the loan for each whole month of the term of the loan; and

(b)

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.

4. A pawnbroker may charge only the following fees:

(a)

for an application under section 66 by a person claiming to be entitled to redeem a pledge but not having a pawn ticket — $10;

(b)

for a notice under section 67 by a person claiming to be the rightful owner of goods wrongfully pawned — $10.[S 190/2015]

Read in full context — Pawnbrokers Act 2015 →