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Section 25

Obligation on pawnbroker to account for surplus within four months subject to set-off

of Pawnbrokers Act 1972

ActIn forceProvision 41 of 85
Section 25
(1)

Where a pledge pawned for a sum exceeding two hundred ringgit is sold, and it appears from the pawnbroker’s book to have been sold for more than the amount of the loan and profit due under section 17 at the time of sale, the pawnbroker shall within seven days after the sale forward by registered post to the pawner at the address of the pawner entered in the pawnbroker’s book under section 14 a statement in the prescribed form and a notice that the surplus will be paid to the pawner if a claim is made by the pawner within four months from the date the notice is served on the pawner.

(2)

The pawnbroker shall pay the surplus to the pawner if a claim is made by the pawner within the period of four months as specified in subsection (1).

(3)

Any person who contravenes this section commits an offence.