246Deeming of loan and interest under buy back contracts

246 Deeming of loan and interest under buy back contracts In the case of a pawnbroker receiving goods under a contract for sale where the seller has a right to buy back the goods, then for the purposes of this Part: (a) the price at which the goods are to be sold under the contract is to be taken to be the amount lent; and (b) the difference between the amount lent and the price at which the goods may be bought back is to be taken to be the interest payable.

Consumer Affairs and Fair Trading Act 1990 95 Division 2 Licensing of pawnbrokers and second-hand