Singapore legislation

Regulation 8

of Pawnbrokers Rules 2015

Regulation 8

Licensee to keep records of pawnbroking business and transactions

Subregulation 1

For the purposes of section 23(1) of the Act, a licensee must keep the following records:

(a)

a copy of every pawn ticket issued by the licensee;

(b)

a record of the following particulars for each pawn ticket issued by the licensee:

(i)

the unique identification number of the pawn ticket;

(ii)

the identification information of the pawner;

(iii)

the identification information of the owner of the pledge (if not the pawner);

(iv)

the date on which the pledge is made;

(v)

the amount of the loan secured on the pledge;

(vi)

the rate of profit chargeable on the loan;

(vii)

a fair description of the pledge, including any manufacturer serial number or other identifiable mark;

(viii)

the valuation of the pledge given under section 48(1) of the Act;

(ix)

the last day of the redemption period;

(x)

the date on which the pledge is redeemed or forfeited;

(xi)

the amount of profit charged on the loan at the time it is redeemed or forfeited;

(xii)

where the pledge is redeemed by a person other than the pawner, the identification information of the person;

(xiii)

where the pledge is forfeited and disposed of (whether by sale or otherwise) by the licensee —

(A)

the date on which the pledge is disposed of;

(B)

the manner in which the pledge is disposed of;

(C)

the price for which the pledge is disposed of; and

(D)

the identification information of the person to whom the pledge is disposed.

Subregulation 2

For the purposes of section 23(2)(a)(iii) and (iv) of the Act, the records in paragraph (1) must be kept —

(a)

from the time the pawn ticket is issued; and

(b)

until the end of 5 years after the pledge is redeemed or forfeited, as the case may be.

Read in full context — Pawnbrokers Rules 2015 →