Part 3Obligations of licence holders, promoters, and Internet auction providers
Obligations of licensed pawnbrokers: Pawnbroking
64What happens if sale price is greater than redemption price
In this section, excess means the amount (if any) by which the price that a pawnbroker sells pawned goods for exceeds the redemption price of those goods.
A pledger is entitled to 90% of any excess received by the pawnbroker on the sale of the pledger’s goods, provided that the excess is claimed within 6 months of the date of the sale.
The pawnbroker may retain the remaining 10% of the excess.
If an excess is $10 or more, the pawnbroker must, as soon as practicable after the sale, write to the pledger at his or her last known address advising him or her of—
- the amount of excess to which he or she is entitled; and
- the date by which it must be claimed.
If the pledger does not claim his or her portion of the excess within 6 months of the date of the sale, the pawnbroker may keep that portion also.
Compare
- 1908 No 141 s 26