Guidelines Governing The Auto Pawn Business
Auto Pawn Shop – Pawnbrokers Sydney is linked with Cash Fast Loans 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 operating in the State of New South Wales Australia as a New South Wales licensed pawnbroker that carries on the business of advancing money against the security of pledged goods. Under the New South Wales pawnbroker act a pawnbroker must be registered and have a notice displayed so it is clearly visible to the public from outside the premises. The notice must show the maximum amount charged weekly and monthly by the pawnbroker, and state that in special circumstances a higher amount may be charged.
- Auto Pawnbrokers must require from everyone attempting to pawn goods evidence as to the person’s identity.
- Auto Pawnbrokers must not accept goods for pawn from someone under the age of 18.
- Auto Pawnbrokers must keep accurate and complete records in relation to every transaction, in the form and containing the information required by the second-hand dealers and pawnbroker’s regulations. Details that must be recorded include details of the goods pawned, full name and address of the borrower, the amount of money advanced on the goods, 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 period of the loan. 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 amount of the loan 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
Your pledge contract is set at a minimum of 3-months period from date of the goods pawned during this time your asset is stored at our facility. Should you wish to pay out your loan within three months you only pay for the monthly period used. Alternatively, you may extend your loan (Maybe 6 to 12 months or more) beyond the 3 months in which case you will be charged a monthly safe keeping fees.
Once the period of the loan expires and the goods not redeemed, the pawnbroker must offer the goods for sale as soon as practicable. If your goods are sold, the pawnbroker can deduct from the proceeds of sale any money you owe and the costs of selling the goods. You are entitled to any money left over from the proceeds of sale after these amounts have been deducted, if you claim it within 12 months after the sale of the goods.
If you do not claim the money left over within 12 months after the sale of the goods, you are no longer entitled to it and the pawnbroker can keep it. It is illegal for the pawnbroker to refuse to pay you the money left over if you request payment within the 12-month period. If the pawnbroker refuses to pay you, you may apply to the magistrates’ court for an order that the pawnbroker pay you the money.
Cash Fast Loans – Car Pawnbroker & Moneylender as a New South Wales licensed pawnbroker complies with all laws relating to the pawnbroker industry as per the South Wales Pawnbrokers and Second-hand dealers act 1996.