28Pawnbroker’s record of pledges

28 Pawnbroker’s record of pledges

28 Pawnbroker’s record of pledges

(1) At the time possession of goods is taken under an agreement by which the goods are pawned, a record of the agreement must be made that complies with this section.

(2) The record must include—

(a) a fair and reasonable description of the goods (including a fair and reasonable description of any detached or detachable components of the goods), which must include—

(i) each serial number, each other identifying number and each hallmark, inscription and engraving appearing on the goods (including any such components), and

(ii) any other matters prescribed by the regulations for the purposes of this paragraph, and

(b) the total amount lent on the goods, together with the rate of interest charged by week, month, or other period, as the case may be, and any other charges, and

(c) an equivalent annual interest rate, calculated in accordance with the regulations, and

(d) the name and residential address of the owner of the goods and of any agent through whom they are pawned, and

(e) the date of the pledge, and

(f) any other particulars required by the regulations to be included.

(3) A pledge is not validly made unless—

(a) the person pawning the goods signs the record, including by, if the record is kept in electronic form, signing a hard copy or attaching an electronic signature, and

(b) at the time of signing, the record contained all the particulars required by or under this Act to be included in the record.

(4) The record signed under subsection (3) must be retained for a period of 3 years after it was made.

(5) An accurate and legible copy (a pawn ticket) of any such record must be given to the person who pawned the goods at the time the record is made.

(5A) A pawn ticket must incorporate or be accompanied by—

(a) a notice in the form approved by the Secretary setting out rights and obligations of the person who pawned the goods, and complying with the requirements of the regulations (if any), and