- Under the Pawnbrokers Act, the maximum interest rate a pawnbroker can charge is 1.5% per month.
What is the time limit for me to redeem the jewellery which I have pledged?
A pawner should take note of the expiry date of the pawn ticket. You will have to redeem your jewellery before the pawn ticket expires, i.e. within 6 months. Within this 6-month period, a pawnbroker is not allowed to dispose of the pledge. The period of redemption can be extended subject to the agreement between both the pawner and the pawnbroker.A Notice of Forfeiture will be served by the pawnbroker within 2 months after the expiry of the redemption period and the pledge is forfeited in the event that the pawner does not redeem it within one month after the Notice Forfeiture is served.How much do I have to pay in order to redeem the goods which I have pledged to a pawnbroker?
To redeem the goods which you have pledged to a pawnbroker, the amount you have to repay is the amount of loan given to you plus a maximum interest of 1.5% per month.How do I know if there is any surplus due to me from the items pawned before 1 April 2015 and how do
For items pawned before 1 April 2015, the Registry of Pawnbrokers publishes a listing of unclaimed monies on its website, which the claimant can verify his/her claim against. The steps for recovering unclaimed monies are also stated on our website. For items pawned after 31 March 2015, pawners are not entitled to surpluses. However, pawnbrokers are expected to comply with forfeiture procedures in accordance with the Pawnbrokers Act/Rules 2015.What should I do if I lose my pawn ticket?
If you lose your pawn ticket, you may go to the pawnshop concerned to make an application to prove that you are a person entitled to redeem the pledge. The pawnbroker will then make reasonable inquiries as to the truth of the matters stated in the application and issue a replacement pawnticket once they are satisfied that you have the right to redeem the pledge under the Pawnbrokers Act 2015.Under what circumstances can a pawnbroker charge the $2 administrative fee per pawn ticket?
With effect from 1 January 2023, a pawnbroker may charge any pawner a fee of $2 for the issuance of a pawn ticket (i.e. e-ticket or physical ticket) as long as the pawnbroker offers cashless payment services excluding credit facilities.
Examples include debit cards, PayNow, PayLah. Please refer to paragraph 4(b) of the Second Schedule of the PBA for the modes.
However, a pawnbroker is not allowed to charge the fee of $2 when the issuance of pawn tickets relate to the:
(a) Changing of the pawner’s address, telephone number or email address on the pawn ticket;
(b) Changing the name or address of the pawnbroker’s business on the pawn ticket; or
(c) Correcting any error in the particulars on the pawn ticket.
What should I do when I receive a Notice of Forfeiture from the Pawnbroker?
A Notice of Forfeiture informs you of the impending event that your pledge will become the absolute property of the pawnbroker. You should pay attention to the deadline indicated on the Notice of Forfeiture and approach the pawnshop on or before that date to redeem your pledge. Once the deadline has passed, you would no longer have the right of redemption and the pledge becomes the pawnbroker's absolute property.