297Notice as to surplus

297 Notice as to surplus (1) Subject to subsection (2), a pawnbroker who sells pawned goods must, before 14 days after the sale, send by certified mail to the last known address of the other party to the contract under which the goods were pawned, a notice informing the party: (a) of the amount of any surplus proceeds of sale; and (b) that the party is entitled to receive that amount from the pawnbroker at the pawnbroker's business premises or in another manner as agreed, within 60 days after the notice is issued. (2) Subsection (1) does not apply where: (a) the other party in writing requested the pawnbroker not to give the party notice under that subsection; or (b) the surplus is less than $50 or the prescribed amount.