PAWNBROKERS' INTEREST,
The State Government of Victoria has intimated that it will bring in legislation limiting the rate of interest charged by pawnbrokers to rates charged by licensed money lenders. At present pawnbrokers may charge interest up to as high as. 80 per cent, and, as they have good security for the debt —which they assess themselves when articles are pledged—it is felt that the 80 per cent, maximum interest charge is far too high. The Victorian Premier, Mr. Dunstan, has promised that the law would also be tightened up regarding the sale of pledges, so that when a pledge was sold to realise an overdue debt, the debtor should receive the difference between what he owed the pawnbroker and the amount realised by the sale of the pledge. At present pawnbroking establishments are bound to advertise sales of pledged articles, and to refund the surplus over the amount owing. Mr. Dunstan said there had been complaints that in some instances this law was not being observed.
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Evening Post, Volume CXXX, Issue 84, 5 October 1940, Page 14
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167PAWNBROKERS' INTEREST, Evening Post, Volume CXXX, Issue 84, 5 October 1940, Page 14
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