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Obligation of pawnbroker to account for surplus within 4 months subject to set-off

Pawnbrokers Act

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—(1) Where a pledge pawned for any sum exceeding $50 is sold for more than the reserve price, being the amount of the loan and interest due, the pawnbroker shall, within 10 days after the sale, inform the pawner by registered post of the amount of surplus realised at the sale.(2) A pawnbroker who fails to include the interest on the loan in the reserve price of any pledge at the time of sale shall be deemed to have waived the interest and shall not recover the interest from the pawner.(3) No costs or charges of the sale shall be deducted from the amount of surplus without the prior approval in writing of the Registrar.(4) The pawnbroker shall send to the Registrar, on the first day of every calendar month, a list, written in the English language, showing the result of the sales of the pledges during the preceding calendar month, in Form 3 set out in the First Schedule or in such other form as is prescribed, and the Registrar shall keep such list for 3 months in a place easily accessible to the public.[22

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