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KEY CHANGES TO THE PAWNBROKERS' ACT

 

With the maturity of the commercial pawnbroking industry in Singapore, the Pawnbroker Act has been revised to cater to customers’ changing needs. Here are some of the key changes from the New Pawnbroker Act with effect from 1st April 2015:


1. There will no longer be a public auction for pledges pawned from 1st April 2015. Instead respective pawnbrokers will have discretion over the unredeemed pledges once the redemption period lapses. MoneyMax will always send a reminder to our customers before the end of the 6 months loan period so that they can redeem their valuables.

2. In the event that a customer loses his pawn ticket, he will no longer need to go to a lawyer to file a missing report.  Customer will only need to pay $10 to the pawnbroker to process a pawn ticket replacement. This will help to save time and create greater convenience for the customers.

 

For more information, please visit any of our stores or email enquiry@moneymax.com.sg