Auto Pawnbroker Guidelines Governing the Business
Auto Pawn Shop – Pawnbrokers Sydney is linked with Cash Fast Loans and lends against automotive collateral. We are located at North Parramatta and service Parramatta, Sydney, CBD, NSW other. In this instant, we refer to Cash Fast Loans – Car Pawnbroker & Moneylender licensed auto pawnbroker operating in the State of New South Wales Australia. Cash Fast Loans carries on the business of advancing money against the security of pledged auto goods.
- Clearly visible to the public a licence notice must be displayed.
- The notice will display the maximum interest charged monthly by the pawnbroker.
- Also state that in special circumstances other fees and a higher amount may be charged.
- Auto Pawnbrokers are required from everyone attempting to pawn goods evidence as to the person’s identity.
- Auto Pawn Shops must not accept goods for pawn from someone under the age of 18.
- Vehicle pawn brokers are required to keep accurate transaction records. The information required by the second-hand dealers and pawnbrokers regulations includes all details of the goods pawned. Plus full name and address of the borrower, the amount of money advanced on the goods. And the charge for the loan and the period of the loan.
A pawn ticket will be provided and must include the loan amount, charges, and the loan period. This must be given to the consumer with a notice in the form of Schedule of the Regulations. This notice includes information about redeeming goods, charges and sale of unredeemed goods.
Goods may be redeemed by paying the outstanding loan amount and producing the pawn ticket. And a driver’s license or other identification as set out in the Regulations. Goods maybe redeemed after the expiry of the period of the loan if the pawnbroker has not disposed of them.
Period of Loan
As per the New South Wales State pawnbrokers and second-hand dealers’ act 1996
Auto pawn contracts are set at 3-months, during which time goods are stored.
Should you wish to pay out early you are only charged the period used.
Loans may be extended beyond 3 months in which case a monthly safekeeping fee is applies.
Should the loan expire and goods not redeemed they will be sold and money deducted including selling costs. Pawners are entitled to claim surplus money within 12 months.
Cash Fast Loans – Car Pawnbroker & Moneylender as a New South Wales licensed pawnbroker complies with all laws relating New South Wales Pawnbrokers and Second-hand dealers act 1996.