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Pawnbrokers Act 1872

The Pawnbrokers Act 1872 (35 & 36 Vict. c. 93) was an act of the Parliament of the United Kingdom that repealed, altered and consolidated all previous legislation relating pawnbroking in Great Britain.

Provisions

Based on an Irish law passed by Parliament, it removed restrictions and reduced the licence fee in London from £15 to the £7 10s paid in the provinces. According to the act (which does not affect loans above £10),

  • A pledge is redeemable within one year, with a seven-day grace period.
  • Pledges pawned for 10s or less and not redeemed in time become the property of the pawnbroker.
  • Pledges above 10s are redeemable until sale, which must be by public auction.
  • In addition to one halfpenny for the pawn ticket (sometimes not charged for very small pawns), the pawnbroker is entitled to charge interest one halfpenny per month on every 2s (or part of 2s) lent if the loan is under £2 and on every 2s 6d if the loan is above £2.
  • Special contracts may be made for loans over £2, at a rate of interest agreed on between lender and borrower.
  • The following are summary offences:
  • Unlawful pawning of goods not the property of the pawner.
  • Taking an article from a person under age twelve or intoxicated.
  • Taking linen, apparel or unfinished goods or materials.
  • A new pawnbroker must produce a magistrate's certificate to be licensed.
  • A licence cannot be refused if the applicant presents sufficient evidence of good character.
  • The word "pawnbroker" must be inscribed in large letters over the shop door.

Provisions in the act safeguard the interests of borrowers whose unredeemed pledges are sold. Sales (by auction) take place only on the first Monday of January, April, July and October, and on the following days if needed.

Repealed enactments

Section 4 of the act repealed 11 enactments, listed in the first schedule to the act "as far as the same regulate the business of pawnbroking in Great Britain, or otherwise affect Pawnbrokers in Great Britain in relation to loans made by them on pledges pawned with them, and to those pledges, and to the pawning, redemption, and sale thereof, and to transactions and matters connected therewith".

Subsequent developments

The qualified terms of the repeal "as to Pawnbrokers in Great Britain" meant that several acts were subsequently repealed by subsequent statute law revision acts, including the

The whole act was repealed by section 192(3)(b) of, and part I of schedule 5 to, the Consumer Credit Act 1974.

Article 5 of, and part I of schedule 3 to, the Consumer Credit Act 1974 (Commencement No. 2) Order 1977 (SI 1977/325) provided that the following provisions of the act would be repealed on 1 August 1977.

  • Sections 37 to 44 and schedule 6.
  • In section 52, the words “or by the refusal of a certificate for a licence”.

Article 5 of, and part I of the schedule to, the Consumer Credit Act 1974 (Commencement No. 6) Order 1980 (SI 1980/50) provided that section 13 of the act would be repealed on 6 October 1980.

Article 5 of, and part I of schedule 2 to, the Consumer Credit Act 1974 (Commencement No. 8) Order 1983 (SI 1983/1551) provided that the whole act, so far as unrepealed, would be repealed on 19 May 1985.

Notes

References

External links