1984 Ed.]
Pawnbrokers
[CAP. 166
10. (1) Any person aggrieved by a decision of the Commissioner under section 5, 6 or 9 may appeal by way of petition to the Governor within 28 days of the decision and on any such appeal the Governor may confirm, vary or reverse the decision of the Commissioner.
(2) The operation of any decision to cancel a licence under section 9, appealed against under subsection (1), shall be suspended until the appeal has been heard and determined by the Governor.
(3) The cancellation of a licence shall not affect any agreement for the loan of a sum of money on the security of any goods pawned or other like agreement made by the pawnbroker as such, nor shall he by reason only of the cancellation lose his lien on, or right to, any goods or goods pawned or to the loan and profit thereon, but he shall be allowed to pursue and wind up his business in respect of goods which he has received before the cancellation.
11. (1) A pawnbroker may demand and take simple interest, per lunar month, over and above the principal paid or advanced by him upon any goods pawned with him, from the person applying to redeem those goods before redelivering the same, at any rate not exceeding that specified in the Second Schedule.
(2) The payment of principal and interest shall be accepted by the pawnbroker in full satisfaction of all charges for or incidental to the loan to which they relate.
(3) No agreement for the loan of a sum of money on the security of goods pawned shall be enforceable in any case where the pawnbroker demands or takes simple interest in excess of the rate specified in the Second Schedule, or demands or takes compound interest, or any payment other than principal and interest and in any such case—
(a) the borrower or owner of the goods shall be entitled to redeem the goods without payment of interest or any charges for or incidental to the loan; and
(b) the pawnbroker shall be entitled to recover the amount of the loan.
(4) No pawnbroker shall in relation to any loan—
(a) demand or take simple interest in excess of the rate specified in the Second Schedule;
(b) demand or take compound interest; or
(c) demand or take any payment other than principal, interest or the prescribed sum for expenses under section 14.
(5) Any pawnbroker who contravenes subsection (4) commits an offence and is liable to a fine of $20,000 and to imprisonment for 1 year.
Appeal and operation and effect of cancellation.
5
Interest on loans.
Second Schedule.