23AReturn of residual equity in unredeemed goods that are sold

23A Return of residual equity in unredeemed goods that are sold (1) In this section— ***loan*** means the amount of money advanced by a pawnbroker on the security of pledged goods; ***loan period*** means the period for which the pawnbroker has agreed to keep pawned goods as security for a loan; ***outstanding amount of the loan*** means the sum of the loan and the accrued interest less the sum of all payments made; ***pawned goods*** means pledged goods received by a pawnbroker in pawn; ***reasonable costs of sale*** does not include any prescribed costs; ***residual equity*** means the amount of the difference, if any, between the amount obtained on the sale of pawned goods, and the total of the outstanding amount of the loan and the reasonable costs of sale. (2) If a pawnbroker sells unredeemed pawned goods after the expiry of the loan period, the person whopawned the goods is entitled, for a period of 12 months after the sale, to claim from the pawnbroker the residual equity, if any, in respect of the goods. (3) If— (a) a pawnbroker sells unredeemed pawned goods after the expiry of the loan period; and (b) the residual equity in respect of the goods is $10, or if another amount is prescribed that amount, or more— the pawnbroker must, within 14 days after the sale, send to the person who pawned the goods a notice in the prescribed form advising the person that the pawned goods have been sold and that the person is entitled to claim the residual equity from the pawnbroker within the period of 12 months after the sale. (4) If— (a) unredeemed pawned goods are sold by a pawnbroker after the expiry of the loan period; and (b) within the period of 12 months after the sale, the person who pawned the goods demands payment of the residual equity in respect of the goods from the pawnbroker— the residual equity is a debt due and may be recovered in a court of competent jurisdiction. (5) A pawnbroker must pay, on demand, the residual equity, if any, in respect of pawned goods to the person who pawned the goods, if the person so requests within the period of 12 months after the sale of the goods. (6) Section 86 of the **Sentencing Act 1991** applies to an offence under subsection (5) as if non-payment of the value of the residual equity were a loss of property as a result of the offence.