Clause 8

by deleting subsection (1) and substituting the following subsections:“(1) Where a pledge pawned for above $50 is sold for more than the reserve price, being the amount of the loan and interest due, the pawnbroker shall, within 10 days after the sale, inform the pawner by registered post of the amount of surplus realised at the sale.(1A) A pawnbroker who fails to include the interest on the loan in the reserve price of any pledge at the time of sale shall be deemed to have waived the interest and shall not recover the interest from the pawner.(1B) No costs or charges of the sale shall be deducted from the amount of surplus without the prior approval in writing of the Registrar.”; and

by deleting subsection (3).