Section 29A - Pawnbrokers and Second-hand Dealers Act 1996 - Agreement to extend redemption period

29AAgreement to extend redemption period

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29A Agreement to extend redemption period

(1) This section applies to an agreement (in this section called an extending agreement) for the purposes of section 29(1)(b) to vary a pawn agreement (in this section called an original agreement) by extending the redemption period for the goods concerned.

(2) An extending agreement may be entered into with a pawnbroker by a person who is entitled to redeem the goods concerned.

(3) A pawnbroker must not enter into an extending agreement with another person without—

(a) taking such steps in relation to ascertaining the identity of the other person as—

(i) would be required by the regulations in relation to ascertaining the identity of a person seeking to redeem the goods, or

(ii) are prescribed instead by the regulations for the purposes of this paragraph, and

(b) complying with such other requirements as—

(i) would be applicable under the regulations in relation to the redemption of those goods, or

(ii) are prescribed instead by the regulations for the purposes of this paragraph.

(4) At the time an extending agreement is entered into, a record of the extending agreement must be made that complies with this section.

(5) The record of an extending agreement must—

(a) be incorporated in or attached to the record of the original agreement, and

(b) include an identifying reference to or description of the original agreement, and

(c) specify the new redemption period, and

(d) specify any new or varied rates, fees or charges that are or may be payable as a result of the extension, and

(e) specify the date on which the extending agreement is entered into, and

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

(6) An extending agreement is not validly made unless—

(a) the person entering the extending agreement with the pawnbroker signs the record, including by, if the record is kept in electronic form, signing a hard copy or attaching an electronic signature, and