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Part 3Obligations of licence holders, promoters, and Internet auction providers
Obligations of licensed pawnbrokers: Pawnbroking

63Right of pawnbroker to sell unredeemed goods after redemption date and retain redemption price

  1. If a pledger does not redeem his or her pawned goods on or before the redemption date, the pawnbroker may sell the goods in order to recover the redemption price.

  2. Goods to be offered for sale by a pawnbroker must be offered for sale by way of—

  3. a public auction conducted by a person who is not—
    1. the pawnbroker; or
      1. the pawnbroker’s spouse, civil union partner, de facto partner, parent, child, or sibling; or
        1. an employee of the pawnbroker; or
          1. in the case of a pawnbroker that is a company, a person concerned in the management of the company; or
          2. an Internet auction conducted on a publicly accessible Internet auction website that complies with any prescribed requirements.

            1. If the redemption price (or more) of pawned goods is bid for those goods, the goods must be sold at the auction.

            2. If, having been offered for sale at public auction or Internet auction, the goods remain unsold, the pawnbroker may sell the goods in any other way that is reasonable, having regard to the need to obtain a realistic price for the goods. The fact that the goods are subsequently sold for a price less than the redemption price does not necessarily show that the subsequent method of sale was unreasonable.

            3. When a pawnbroker sells pawned goods, he or she may retain from the sale price the redemption price of the goods.

            Compare
            • 1908 No 141 ss 24, 25
            Notes
            • Section 63(2)(a)(ii): substituted, on , by section 7 of the Relationships (Statutory References) Act 2005 (2005 No 3).