301
CurrentPawnbroker not to charge establishment fee
Part 14Pawn-brokers and second-hand dealers
Division 3Contracts with pawnbrokers and second-hand dealers
Subdivision 4Other matters relating to contracts with pawnbrokers and second-hand dealers
301 Pawnbroker not to charge establishment fee
(1) A pawnbroker must not require or receive a fee, other than by way of interest, in respect of a person's application to enter into a contract with the pawnbroker.
Maximum penalty: If the offender is a natural person –100 penalty units.
If the offender is a body corporate –500 penalty units.
(2)
A provision in, or condition of:
(a)
a contract; or
(b) an agreement or arrangement in relation to entering into a contract;
for a payment other than interest in consideration for entering into a contract with a pawnbroker is of no effect.
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