Pawnbrokers Act 2015 · 2020 Revised Edition · Part 3 · Rights and Obligations When Goods Are Pawned
50. Permitted profit and fees
Feedback & supportWhen 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.
pawnbroker
“pawnbroker” means a person who carries on a business of lending money on the security of pledges;
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.
loan agreement
“loan agreement” means an agreement for the loan of money on the security of a pledge;
A pawnbroker that contravenes subsection (1) shall be guilty of an offence.