NSW Department of Customer Service Executive Director of Policy and Strategy, John Tansey, said the review seeks feedback on whether the regulation is continuing to meet its objectives of restricting the trade of stolen goods, combating property theft, and protecting consumers who enter into pawn agreements.
“The regulation along with the Pawnbrokers and Second-hand Dealers Act 1996 established a licensing regime for pawnbrokers and second-hand dealers,” Mr Tansey said.
The draft regulations, Pawnbrokers and Second-hand Dealers Regulation 2020, keep many of the current rules but include minor updates such as how licences are displayed, modernising the terminology of ‘second-hand goods’ and phasing out exemptions to electronic record-keeping for small dealers.
The proposed regulation will be sent to key stakeholders and made available on the NSW Fair Trading website for four weeks of public consultation.
In light of the COVID-19 restrictions key stakeholders from the pawnbroking industry, social groups and NSW Police will be invited to discuss the regulation via Skype.
“This review is a chance to suggest ways we can improve what’s been implemented and we expect there will be interested engagement from many corners,” Mr Tansey said.
The existing Pawnbrokers and Second-hand Dealers Regulation 2015 is due for automatic repeal on 1 September 2020.
Consultation is open until Friday 31 July 2020. More information about Pawnbrokers and Second-hand Dealer is available.