Secondhand Dealers and Pawnbrokers Act 2004

Obligations of licence holders, promoters, and Internet auction providers - Obligations of licensed pawnbrokers - Records and verification of identity

51: Pawnbrokers record

You could also call this:

"Pawnbrokers must keep a record of goods they lend money on."

Illustration for Secondhand Dealers and Pawnbrokers Act 2004

If you are a licensed pawnbroker, you must keep a record of all goods people pledge to you. You must write down information about the person who pledges the goods, like their name and contact details. You also need to record details about the goods, such as what they are and any special numbers they have. You have to keep track of things like how much money you lend on the goods and when they need to be paid back. If someone redeems their goods, you must record the date and how much they paid. If you sell the goods, you need to write down the date, price, and how much you gave back to the person who pledged them. You must add this information to your record as soon as you can. If you do not keep a record, do not write down the required information, or make false entries, you can be fined up to $10,000.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM305628.

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50: Offences relating to secondhand dealing, or

"Breaking the rules as a secondhand dealer can get you in trouble"


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52: Verifying identity of pledgers, or

"Pawnbrokers must check who you are when you give them something"

Part 3Obligations of licence holders, promoters, and Internet auction providers
Obligations of licensed pawnbrokers: Records and verification of identity

51Pawnbrokers record

  1. Every licensed pawnbroker must keep a pawnbrokers record.

  2. The pawnbrokers record must show the following information with respect to all goods pledged to the pawnbroker in the course of business as a pawnbroker:

  3. the identity of the pledger, which must include—
    1. the pledger’s name, contact address, and contact telephone number (if any); and
      1. the form of authorised identification used to verify the pledger’s identity, date of birth, and fact that the pledger is aged 18 years or over; and
        1. the signature of the pledger:
        2. a description of the pawned goods, including their serial numbers or other unique identifier (if any):
          1. the number assigned by the pawnbroker to each item:
            1. the name and signature of the person who conducted the transaction on behalf of the licensed pawnbroker:
              1. the redemption date:
                1. the amount of money advanced on the goods:
                  1. the redemption fee to be charged:
                    1. the total redemption price payable at the redemption date, and whether any lesser amount is payable if the goods are redeemed before that date:
                      1. either—
                        1. the date on which the goods are redeemed, and the amount for which they are redeemed; or
                          1. the date on which, and the price for which, the goods are sold, and the amount (if any) returned to the pledger:
                          2. any other prescribed information.
                            1. The information required to be shown in the pawnbrokers record must be added to the record as soon as practicable after the information is available.

                            2. A licensed pawnbroker commits an offence, and is liable on conviction to a fine not exceeding $10,000, if he or she—

                            3. fails without reasonable excuse—
                              1. to keep a pawnbrokers record; or
                                1. to record in it the information required by this section; or
                                  1. to add information to it as soon as practicable after the information is available; or
                                  2. makes a false entry in his or her pawnbrokers record.
                                    Compare
                                    • 1908 No 141 s 17
                                    Notes
                                    • Section 51(2)(g): amended, on , by section 136 of the Statutes Amendment Act 2019 (2019 No 56).
                                    • Section 51(4): amended, on , by section 413 of the Criminal Procedure Act 2011 (2011 No 81).