PART 3 | STATUTORY DUTIES OF LICENSEES |
| Licensee to maintain paid-up share capital |
7. For the purposes of section 20 of the Act, a licensee must maintain a paid‑up share capital of —| (a) | at least $2 million; and | | (b) | if it has more than one licensed place of business (whether or not under the same licence), at least $1 million for each licensed place of business after the first. |
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| Licensee to keep records of pawnbroking business and transactions |
8.—(1) For the purposes of section 23(1) of the Act, a licensee must keep the following records:| (a) | a copy of every pawn ticket issued by the licensee; | | (b) | a record of the following particulars for each pawn ticket issued by the licensee:| (i) | the unique identification number of the pawn ticket; | | (ii) | the identification information of the pawner; | | (iii) | the identification information of the owner of the pledge (if not the pawner); | | (iv) | the date on which the pledge is made; | | (v) | the amount of the loan secured on the pledge; | | (vi) | the rate of profit chargeable on the loan; | | (vii) | a fair description of the pledge, including any manufacturer serial number or other identifiable mark; | | (viii) | the valuation of the pledge given under section 48(1) of the Act; | | (ix) | the last day of the redemption period; | | (x) | the date on which the pledge is redeemed or forfeited; | | (xi) | the amount of profit charged on the loan at the time it is redeemed or forfeited; | | (xii) | where the pledge is redeemed by a person other than the pawner, the identification information of the person; | | (xiii) | where the pledge is forfeited and disposed of (whether by sale or otherwise) by the licensee —| (A) | the date on which the pledge is disposed of; | | (B) | the manner in which the pledge is disposed of; | | (C) | the price for which the pledge is disposed of; and | | (D) | the identification information of the person to whom the pledge is disposed. |
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(2) For the purposes of section 23(2)(a)(iii) and (iv) of the Act, the records in paragraph (1) must be kept —| (a) | from the time the pawn ticket is issued; and | | (b) | until the end of 5 years after the pledge is redeemed or forfeited, as the case may be. |
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| Licensee to verify identification information |
9.—(1) A licensee must take reasonable steps to verify the identification information for which the licensee is required to keep a record under rule 8(1)(b)(ii), (iii), (xii) and (xiii)(D).| (2) A licensee which fails to comply with paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. |
| (3) To avoid doubt, a licensee’s failure to comply with paragraph (1) does not amount to a failure to comply with the licensee’s statutory duty under section 23(1) of the Act. |
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| Licensee to submit monthly statements |
10.—(1) For the purposes of section 24(1) of the Act, a licensee must, for each month, submit to the Registrar a statement containing the following particulars:| (a) | the number of pledges taken in the month; | | (b) | the total amount of loans given in the month; | | (c) | the number of pledges redeemed in the month; | | (d) | the total amount of loans repaid in the month; | | (e) | the total amount of profit collected in the month; | | (f) | the total amount of loans outstanding at the end of the month (including loans given in previous months); | | (g) | the number of pledges forfeited in the month; | | (h) | the total amount of loans and profit corresponding to the pledges forfeited in the month. |
| (2) The statement for each month must be submitted no later than the 14th day of the following month. |
| (3) A separate statement must be submitted for each licence. |
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| Licensee to place security deposit |
| 11. For the purposes of section 27(1) of the Act, a licensee must place with the Accountant‑General a deposit of $100,000. |
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