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Credit Contracts and Consumer Finance Act 2003

Consumer credit contracts - Application

15A: Part does not apply to pawnbroking contract

You could also call this:

"This law does not apply to pawnbroking contracts."

Illustration for Credit Contracts and Consumer Finance Act 2003

This part of the law does not apply to a pawnbroking contract if the pawnbroker entered into it as part of their normal business. The pawnbroker must follow the rules in the Secondhand Dealers and Pawnbrokers Act 2004. If you do not pay back the loan or pick up your pawned goods on time, the pawnbroker can only take action under section 63 of the Secondhand Dealers and Pawnbrokers Act 2004. A pawnbroker is someone who lends money to people and takes their goods as security, as defined in section 4 of the Secondhand Dealers and Pawnbrokers Act 2004. You should understand that this law is about how pawnbroking contracts work, and what rules pawnbrokers must follow.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501594.

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Part 2Consumer credit contracts
Application

15APart does not apply to pawnbroking contract

  1. This Part does not apply to a pawnbroking contract if—

  2. the contract was entered into by a pawnbroker in the ordinary course of the pawnbroker's business in accordance with the Secondhand Dealers and Pawnbrokers Act 2004; and
    1. in the case that the pledger is in default of his or her obligations under the pawnbroking contract or does not redeem his or her pawned goods on or before the redemption date, the pawnbroker's only right of recourse is under section 63 of the Secondhand Dealers and Pawnbrokers Act 2004.

      1. In this section, pawnbroker has the same meaning as in section 4 of the Secondhand Dealers and Pawnbrokers Act 2004.

      Notes
      • Section 15A: inserted, on , by section 13 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).