Pawnbrokers

The Act also requires that "every person who acts as a pawnbroker must hold a licence."

Am I a "pawnbroker"?

A pawnbroker is, broadly, a person (including a company or partnership) who:

• in expectation of profit, gain, or reward;
• lends money;
• on the security of goods;
• by taking those goods into their (the pawnbroker’s) possession but without taking ownership of the goods.

(A person is not a pawnbroker if they are a secondhand dealer or employee of a secondhand dealer and pawnbroker.)

If you fit this definition, you are a pawnbroker and are required to be licensed under the Act.

Requirement to be licensed

If you fall within the definition of "pawnbroker" you will need to become a licence holder.

How to become a licence holder.

Note: If you carry on business as a pawnbroker without a licence you could be prosecuted and have a fine of up to $20,000 imposed on you by a Court.