Pawnbrokers Act 2015 · 2020 Revised Edition · Part 3 · Rights and Obligations When Goods Are Pawned
54. Time for redeeming pledge
Feedback & supportA pledge can be redeemed —
pledge
“pledge” means goods that are taken into possession by a lender of money as security for the repayment of a loan.
at any time during the redemption period; and
at any time after the end of the redemption period but before the pledge is forfeited.
Subject to subsection (3), the redemption period is 6 months after the date on which the pledge was made, or any longer period that the parties may agree in the loan agreement or in a subsequent agreement.
loan agreement
“loan agreement” means an agreement for the loan of money on the security of a pledge;
Where the redemption period under subsection (2) ends on a day when the pawnbroker is closed for business —
pawnbroker
“pawnbroker” means a person who carries on a business of lending money on the security of pledges;
the redemption period is extended to the next day the pawnbroker is open for business; and (b)the pawnbroker must not charge any further profit or fee if a pledge is redeemed on the day mentioned in paragraph (a).