13Form of notice to be given by pawnbrokers

13 Form of notice to be given by pawnbrokers

(1)  A pawnbroker must, at the time of taking any goods in pawn, give to the person pawning the goods a notice signed by the pawnbroker specifying –

(a) the rate of interest payable on the money lent and the total amount of interest payable on redemption of the goods pawned; and

(b) the date before which the goods pawned may be redeemed.

(2)  A notice under subsection (1) is to state –

(a) that the goods will be forfeited on failure to redeem them before the date specified under subsection (1) (b) ; and

(b) that the owner of the goods will be entitled on demand to the balance of the proceeds of sale; and

(c) such other matters as may be prescribed.

(3)  If a pawnbroker takes goods in pawn without giving to the person pawning the goods a notice in accordance with this section, the pawnbroker is guilty of an offence and is liable on summary conviction to a fine not exceeding 5 penalty units.