Number 24/1995: EIGHTH SCHEDULE Amendment of Pawnbrokers Act, 1964

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24 1995

CONSUMER CREDIT ACT, 1995

EIGHTH SCHEDULE

Amendment of Pawnbrokers Act, 1964

Part I

Provision of Pawnbrokers Act, 1964 amended	Extent of Amendment
(1)	(2)
Section 2	The substitution of “£5,000” for “fifty pounds” in paragraphs (a) and (b) of the definition of “pawnbroker”.
Section 3	The substitution of “£5,000” for “fifty pounds”.
Section 11	The deletion of subsections (3), (4) and (5).
Section 12	The substitution of the following section:
	“12. (1) A person who forges or falsifies or attempts to forge or falsify a licence shall be guilty of an offence.
	(2) A person, other than the Director or an officer of the Director acting on behalf of the Director, who alters or attempts to alter a licence shall be guilty of an offence.”.
Section 14 (2)	The substitution of the following subsection:
	“(2) A pawn ticket shall contain the particulars set out in the Third Schedule and it shall be signed by both the pawnbroker and the pawner.”.
Section 15 (2) (a)	The substitution of the following paragraph:
	“(a) Where a pawnbroker makes a special contract with a pawner, the pawnbroker shall at the time of the pawning give to the pawner a special contract pawn-ticket which shall contain the particulars set out in the Third Schedule suitably modified to take account of the conditions applicable to the special contract, including any modification to the redemption period (being a period of not less than 4 months), and the pawn-ticket shall be signed by the pawnbroker and the pawner.”.
Section 16 (1) (b)	The substitution of the following paragraph:
	“(b) use, as occasion requires, the document set out in the Third Schedule in the form therein prescribed.”.
Section 20	The deletion of subsections (1) and (2).
Section 20 (3)	The substitution of “Part III” for “Part IV”.
Section 20 (4)	The substitution of the following subsection:
	“(4) Where a pawnbroker fails or refuses to give a receipt in accordance with subsection (3) of this section, he shall be guilty of an offence.”.
Section 21 (4)	The substitution of the following subsection:
	“(4) A pledge shall further continue redeemable until it is disposed of as provided in this Act although the redemption period has expired.”.
Section 27	The substitution of the following section:
	“27. if, with respect to a pledge a pawnbroker— (a) does not bona fide in accordance with this Act sell the pledge, or (b) enters in his sale book a pledge as sold for a lesser sum than that for which it is sold, he shall be guilty of an offence.”.
Section 28 (1)	The substitution of “a fee of 25 pence” for “the fee prescribed in Part V of the Fifth Schedule”.
Section 29	The substitution of the following section:
	“29. A pledge may, if not redeemed within the redemption period, be disposed of by the pawnbroker by sale by public auction held in accordance with this Act, but not otherwise.”.
Section 32	The substitution of the following subsection:
	“(1) The person who holds a pawn ticket in respect of a pledge may, at any time before the expiration of 12 months from the date on which the goods are sold, request the pawnbroker with whom the goods were pawned to produce the sale book and catalogue containing the entries of the sale and may, on payment of a fee of 25 pence, inspect such entries.”.
Section 33 (1)	The substitution of the following subsection:
	“(1) Where the amount obtained on the sale of a pledge exceeds the amount of the loan given on the pledge with the addition of the interest and lawful charges thereon and the fees paid by the pawnbroker in respect of the sale, the holder of the pawn ticket in respect of the pledge, may, subject to the provisions of this Act, demand and obtain the amount of the excess from the pawnbroker at any time before the expiration of 12 months from the date of the sale.”.
Section 45	The substitution of “£250” for “ten pounds”.
Section 47	The substitution of the following section:
	“47. (1) A person who is guilty of an offence under this Act shall be liable on summary conviction to a fine not exceeding £1,500, or to imprisonment for a term not exceeding 12 months, or to both. (2) A person who, after conviction of an offence under this Act, continues to contravene the provision concerned, shall be guilty of an offence on each day on which the contravention continues and for each such offence shall be liable on summary conviction to a fine not exceeding £150.”.
	The insertion after section 47 of the following section:
	“48. The annual percentage rate of charge (‘APR’) shall be calculated in accordance with the Fourth Schedule to the Consumer Credit Act, 1995, or such other method of calculation as the Minister for Enterprise and Employment may specify in regulations made under that Act.”.
Sixth Schedule, Part I	The substitution of “£1,500” for “fifty pounds”.
Sixth Schedule, Part II	The substitution of “£1,500” for “£50”.

Part II

“SECOND SCHEDULE

Notice to be Exhibited in Every Pawnbrokers Premises Pawnbrokers Act, 1964

Interest on Loans

1. Interest shall be charged on any loan made under the Pawnbrokers Act, 1964 , at the rate of pence in respect of every £1.00 lent for each month during which the pledge remains in pawn.

These charges are equivalent to an annual percentage rate of per cent.

Notes:

(1) If the term of the loan is less than one month it will be charged for as one month.

(2) After the first month, a part of a month exceeding 7 days will be charged for as a month and a part of a month not exceeding 7 days will not be charged for.

(3) Where the loan is less than £1.00, it will be charged for as £1.00. Where it exceeds £1.00 or any even multiple of £1.00 any odd fraction of £1.00 will not be charged for.

2. for valuation fee on each £5 or part of £5 value put by pawnbroker on the pledge

pence.

Charge on Inspection of Sale Book and Auctioneer's Catalogue

3. for the inspection of the entry of a sale

Pence.

Charge on Form of Declaration

4. for a form of declaration

pence.

Redemption and Disposal of Pledges

5. (1) Pledges, other than those made up wholly or partly of gold, silver or other precious metal or of any precious or semi-precious stone must be redeemed within 6 months and 7 days from the date of pawning but, if the interest is paid at any time within the above period, the redemption period will be extended for a further period of 6 months and 7 days from the date up to which the interest is paid. Pledges made up wholly or partly of gold, silver or other precious metal or of any precious or semi-precious stone must be redeemed within one year and 7 days from the date of pledging. However, the period for redemption of any pledge in respect of which a special contract is made under section 15 (as amended by the Consumer Credit Act, 1995) of the Pawnbrokers Act, 1964 , shall be 4 months or such longer period as may be specified in the special contract pawn ticket.

(2) At the end of the redemption period pledges may be sold by the pawnbroker by sale by public auction in the manner provided by law and not otherwise. A pledge may, however, be redeemed at any time before the day of sale.

Surplus on Sale of Pledge

6. Within 12 months after the sale by public auction of a pledge, the pawner may inspect the account of the sale in the pawnbroker's book and in the auctioneer's catalogue, on payment of a fee of 25 pence and receive any surplus produced by the sale. But a deficit on the sale of one pledge may, in certain circumstances, be set off against a surplus on another.

Damage to Pledge

7. (1) If a pledge is destroyed or damaged by fire, the pawnbroker, if the pawn-ticket is tendered to him before the expiry of the period within which the pledge would have been redeemable, will be bound to pay an amount equal to one-half of the amount of the loan.

(2) If a pledge, through default, neglect or wilful misbehaviour on the part of the pawnbroker, is lost, destroyed or is of less value at the time of redemption than it was at the time of pawning, the owner may apply to the District Court for compensation and the Court may, if it thinks fit, award compensation in respect of the damage, and the amount so awarded shall be deducted from the sum payable to the pawnbroker, or as the case may require, shall be paid by the pawnbroker in such manner as the Court may direct.

Pawnbrokers Act, 1964

Loss of Pawn Ticket

8. If a pawn ticket is lost, mislaid or stolen, the pawner should at once apply to the pawnbroker for a, form of declaration to be made before a Notary Public, a Commissioner for Oaths or a Peace Commissioner; otherwise the pawnbroker will be bound to deliver the pledge to any person who produces the pawn ticket to him and claims to redeem the pledge.

Part III

THIRD SCHEDULE

Pawn Tickets, etc.

Part I

Pawn Ticket

(The appropriate particulars are required to be entered by the pawnbroker in the respective blank spaces before signature.)

Pledge No.

Pawned with (name of pawnbroker)

of (address of pawnbroker)

this ______ day of, [month], [year],

by (name of pawner, as entered in the Pledge Book)

of (address of pawner, as entered in the Pledge Book)

(Description of pledge)

(Amount of the loan)

Terms of the special contract^*

^*To be printed on the front of the ticket or partly on the front and partly on the back.

1. The pawnbroker charges—

(a) For this ticket_______

(b) Interest at the rate per month of (APR). (If the term of the loan is less than one month, it will be charged for as one month. After the first calendar month, a part of the month exceeding 7 days will be charged for as a month and a part of a month not exceeding 7 days will not be charged for).

2. This pledge is pawned for the period of ________ months.

3. After the expiration of that time the pledge may be sold by auction by the pawnbroker. But it may be redeemed by the pawner at any time before the day of sale.

4. Within 12 months after sale the pawner may, on payment of a fee of 25 pence, inspect the account of the sale in the pawnbroker's book and in the auctioneer's catalogue and receive any surplus produced by the sale. If, however, within 6 months before or after that sale, the sale of another pledge or pledges of the same person has resulted in a deficit the pawnbroker is entitled to set off the deficit against the surplus.

5. If a pledge, through default, neglect or wilful misbehaviour on the part of the pawnbroker, is lost, destroyed or is of less value at the time of redemption than it was at the time of pawning, the pawner may apply to the District Court for an order for compensation. The amount of compensation, if any, awarded shall be deducted from the sum payable to the pawnbroker or, as the case may require, shall be paid by the pawnbroker in such manner as the Court may direct.

6. If the pledge is destroyed or damaged by fire the pawnbroker, if the pawn ticket is tendered to him before the expiry of the period within which the pledge would have been redeemable, will be bound to pay an amount equal to one-half of the amount of the loan, unless otherwise agreed upon by the pawner and pawnbroker.

7. If this ticket is lost or mislaid the pawner should at once apply to the pawnbroker for a form of declaration; otherwise the pawnbroker will be bound to deliver the pledge to any person who produces this ticket to him and claims to redeem the pledge.

Signed_____________________Pawnbroker

Signed_____________________Pawner

Part II

Receipt

	Date
Received on redemption of Pledge No________
		£
Amount of Loan
Interest
Other Charges
(to be specified)
		______
	Total:
		______
_______________________________________________
	Pawnbroker”

Acts Referred to
Auctioneers and House Agents Act, 1947	1947, No. 10
Betting Act, 1931	1931, No. 27
Bills of Exchange Act, 1882	1882, c. 61
Building Societies Act, 1989	1989, No. 17
Central Bank Act, 1971	1971, No. 24
Central Bank Act, 1989	1989, No. 16
Companies Act, 1963	1963, No. 33
Companies Acts, 1963 to 1990
Competition Act, 1991	1991, No. 24
Consumer Information Act, 1978	1978, No. 1
Credit Union Act, 1966	1966, No. 19
Data Protection Act, 1988	1988, No. 25
European Communities Act, 1972	1972, No. 27
Family Home Protection Act, 1976	1976, No. 27
Friendly Societies Acts, 1896 to 1977
Gaming and Lotteries Act, 1956	1956, No. 2
Hire-Purchase Act, 1946	1946, No. 16
Hire-Purchase (Amendment) Act, 1960	1960, No. 15
Hire-Purchase Acts, 1946 to 1980
Holidays (Employees) Act, 1973	1973, No. 25
Housing (Miscellaneous Provisions) Act, 1979	1979, No. 27
Industrial and Provident Societies Acts, 1893 to 1978
Insurance Act, 1989	1989, No. 3
Insurance Acts, 1909 to 1990
Licensing Acts, 1833 to 1994
Local Government Act, 1941	1941, No. 23
Moneylenders Act, 1900	1900, c. 51
Moneylenders Act, 1933	1933, No. 36
Partnership Act, 1890	53 & 54 Vict., c. 39
Pawnbrokers Act, 1964	1964, No. 31
Petty Sessions (Ireland) Act, 1851	1851, c. 93
Sale of Goods Act, 1893	1893, c. 71
Sale of Goods and Supply of Services Act, 1980	1980, No. 16
Trustee Savings Banks Act, 1989	1989, No. 21