List of summaries, consolidations and regulations
The Pawned Property (Recording) Act
The Pawned Property (Recording) Act requires pawnbrokers to computer register all pawned property with local police services.
"Pawn transaction" is defined to include the classical pawn situation where an article is left as security in exchange for money lent at interest, as well as a "buy-sell" agreement where the pawnbroker buys the article and the pawner retains an exclusive right of repurchase of the article for a specified period of time.
The legislation is designed to be implemented on a community-by-community basis after consultation between the police and pawnbrokers in those communities.
Pawnbrokers are required to obtain and record information about the pawner and about the item being pawned before accepting the goods. When the transaction is complete, the information must immediately be registered with local police services by computer.
A chief of police or a municipal licensor may authorize an investigation or inquiry to ensure a pawnbroker is complying with the Act. The penalties for non-compliance are: